Possible long opportunity on the USD/CAD...
Weekly Gain/Loss: -0.47%
Weekly Closing price: 1.2990
Weekly perspective:
Over the course of last week’s session, the USD/CAD eked out a third consecutive weekly loss after retesting the underside of a recently engulfed weekly support 1.3086 as resistance. In terms of obvious support beneath 1.3086, we do not see a whole lot stopping this market from reaching as far south as 1.2579: the 2018 yearly opening level.
Daily perspective:
In spite of last week’s firm close beneath weekly support, daily price remains toying with a rather attractive demand area visible at 1.2949-1.3038. Within this area we also see a 61.8% Fib support value at 1.2982. Another key structure to note on this scale is the nearby trend line support (etched from the low 1.2247). The next upside target from the current demand area falls in around supply fixed at 1.3191-1.3155.
H4 perspective:
After testing the underside of August’s opening line at 1.3021 (see M30 for a clearer view), the pair swiftly turned south on Friday on lower-than-expected non-farm payrolls. The move engulfed the key figure 1.30 and probed to lows of 1.2968. Going forward, top side resistance could form off 1.30 and pull the unit towards nearby channel support taken from the low 1.3024.
Areas of consideration:
A level that has ‘trade me long’ written all over it today is the H4 Quasimodo support seen at 1.2955. Besides fusing with H4 channel support mentioned above, along with the H4 RSI displaying divergence, 1.2955 is also positioned within the lower limits of daily demand at 1.2949-1.3038 (near the aforementioned daily trend line support). With that in mind, stop-loss orders can be positioned BENEATH daily demand around 1.2945 (that’s a 10-pip stop), targeting the 1.30 barrier as the initial take-profit zone (45 pips) – incredibly attractive risk/reward!
Weekly Closing price: 1.2990
Weekly perspective:
Over the course of last week’s session, the USD/CAD eked out a third consecutive weekly loss after retesting the underside of a recently engulfed weekly support 1.3086 as resistance. In terms of obvious support beneath 1.3086, we do not see a whole lot stopping this market from reaching as far south as 1.2579: the 2018 yearly opening level.
Daily perspective:
In spite of last week’s firm close beneath weekly support, daily price remains toying with a rather attractive demand area visible at 1.2949-1.3038. Within this area we also see a 61.8% Fib support value at 1.2982. Another key structure to note on this scale is the nearby trend line support (etched from the low 1.2247). The next upside target from the current demand area falls in around supply fixed at 1.3191-1.3155.
H4 perspective:
After testing the underside of August’s opening line at 1.3021 (see M30 for a clearer view), the pair swiftly turned south on Friday on lower-than-expected non-farm payrolls. The move engulfed the key figure 1.30 and probed to lows of 1.2968. Going forward, top side resistance could form off 1.30 and pull the unit towards nearby channel support taken from the low 1.3024.
Areas of consideration:
A level that has ‘trade me long’ written all over it today is the H4 Quasimodo support seen at 1.2955. Besides fusing with H4 channel support mentioned above, along with the H4 RSI displaying divergence, 1.2955 is also positioned within the lower limits of daily demand at 1.2949-1.3038 (near the aforementioned daily trend line support). With that in mind, stop-loss orders can be positioned BENEATH daily demand around 1.2945 (that’s a 10-pip stop), targeting the 1.30 barrier as the initial take-profit zone (45 pips) – incredibly attractive risk/reward!
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