USD/CAD: Technical outlook and reivew.
Weekly Timeframe: The weekly timeframe shows that price has broken out north above the medium-term weekly high 1.12775. Ultimately, we would like to see the current weekly candle firmly close above this level, as this would likely confirm higher prices will follow up to around a weekly supply area at 1.17225-1.15417.
Daily Timeframe: It was reported in the previous analysis that if a daily candle were to positively close above the high seen on the weekly chart (1.12775), and retest this level as support, we then felt that there is a good chance further buying would indeed be seen. As we can all see, a positive close above has already formed, now all we need is the retest. Let’s see what the picture looks like on the 4hr timeframe.
4hr Timeframe: Price did exactly as expected and no doubt fooled a lot of traders who sold the bearish pin-bar candle that formed on Friday. Once the market opened (1.12776), the buyers did not waste any time and pushed price up to the round-number level 1.13, where a bearish reaction was seen. This move likely got a lot of traders in short, and they were probably quite content until serious buying interest came into the market around 1.12652 and stopped them out at breakeven or even worse a loss. Price is now seen trading around a weak-looking 4hr supply area at 1.13842-1.13352, where a small bearish reaction is currently being seen. In the event that sellers do come into the market here, we do not expect price to drop any further than the 4hr demand area at 1.12624-1.12873, where active buyers are likely waiting around the 1.12916 level (conveniently located around the medium-term weekly high mentioned above at 1.12775).
Buy/sell levels:
• Buy orders: 1.12916 (Predicative stop-loss orders seen at: 1.12534).
• Sell orders: N/A (Predicative stop-loss orders seen at: N/A).
Daily Timeframe: It was reported in the previous analysis that if a daily candle were to positively close above the high seen on the weekly chart (1.12775), and retest this level as support, we then felt that there is a good chance further buying would indeed be seen. As we can all see, a positive close above has already formed, now all we need is the retest. Let’s see what the picture looks like on the 4hr timeframe.
4hr Timeframe: Price did exactly as expected and no doubt fooled a lot of traders who sold the bearish pin-bar candle that formed on Friday. Once the market opened (1.12776), the buyers did not waste any time and pushed price up to the round-number level 1.13, where a bearish reaction was seen. This move likely got a lot of traders in short, and they were probably quite content until serious buying interest came into the market around 1.12652 and stopped them out at breakeven or even worse a loss. Price is now seen trading around a weak-looking 4hr supply area at 1.13842-1.13352, where a small bearish reaction is currently being seen. In the event that sellers do come into the market here, we do not expect price to drop any further than the 4hr demand area at 1.12624-1.12873, where active buyers are likely waiting around the 1.12916 level (conveniently located around the medium-term weekly high mentioned above at 1.12775).
Buy/sell levels:
• Buy orders: 1.12916 (Predicative stop-loss orders seen at: 1.12534).
• Sell orders: N/A (Predicative stop-loss orders seen at: N/A).
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