USD/CAD: Technical outlook and review.
Weekly Timeframe: It seems after price consumed the weekly supply area at 1.10522-1.09996, the pair sold off sharply, down to just above a weekly decision-point level at 1.08774, can we be expecting higher prices up to the weekly Quasimodo resistance level at 1.11252 from here?
Daily Timeframe: The daily timeframe has been showing very bullish price action over the last few weeks. It appears most of the sellers have now been consumed around the high 1.10768, which has potentially cleared the path north up to at least the 1.11910 level (Quasimodo daily resistance).
The daily demand area seen at 1.08390-1.08771 is very interesting to us, as we believe somewhere around here was where the overall decision was made to push prices above the high 1.10768, indicating there may be unfilled buy orders left there. Assuming price touches this area sometime this week; we will be definitely looking for buying opportunities on the 4hr timeframe.
4hr Timeframe: The market opened at 1.09645, and from there on, the sellers took control. However, it was not long before they were quickly brought a stop as the 1.09253 level seemed to be supportive enough to allow buyers to come into the market. A rally shortly followed up to the 1.1 level where we are currently watching price action to confirm this is a valid area to sell off of.
A break above this level would likely attract further buying up to the 1.10307 level (Quasimodo resistance). On the other hand, we have to be prepared for selling here, since price could very well see a decline into the higher-timeframe demand areas (Weekly: 1.08774, Daily: 1.08390-1.08771) before higher prices are seen, as we believe these areas have yet to see a confirmed touch.
Pending orders/Price action confirmation levels:
• Areas to watch for buy orders: Pending orders: No pending buy orders are seen in the current market environment. Price action confirmation levels: No price action confirmation buy levels are seen in the current market environment.
• Areas to watch for sell orders: Pending orders: No pending sell orders are seen in the current market environment. Price action confirmation levels: 1.09964 (Stop loss: Dependent on price action after the level has been confirmed, Take profit levels(s): Dependent on approaching price action after the level has been confirmed).
Daily Timeframe: The daily timeframe has been showing very bullish price action over the last few weeks. It appears most of the sellers have now been consumed around the high 1.10768, which has potentially cleared the path north up to at least the 1.11910 level (Quasimodo daily resistance).
The daily demand area seen at 1.08390-1.08771 is very interesting to us, as we believe somewhere around here was where the overall decision was made to push prices above the high 1.10768, indicating there may be unfilled buy orders left there. Assuming price touches this area sometime this week; we will be definitely looking for buying opportunities on the 4hr timeframe.
4hr Timeframe: The market opened at 1.09645, and from there on, the sellers took control. However, it was not long before they were quickly brought a stop as the 1.09253 level seemed to be supportive enough to allow buyers to come into the market. A rally shortly followed up to the 1.1 level where we are currently watching price action to confirm this is a valid area to sell off of.
A break above this level would likely attract further buying up to the 1.10307 level (Quasimodo resistance). On the other hand, we have to be prepared for selling here, since price could very well see a decline into the higher-timeframe demand areas (Weekly: 1.08774, Daily: 1.08390-1.08771) before higher prices are seen, as we believe these areas have yet to see a confirmed touch.
Pending orders/Price action confirmation levels:
• Areas to watch for buy orders: Pending orders: No pending buy orders are seen in the current market environment. Price action confirmation levels: No price action confirmation buy levels are seen in the current market environment.
• Areas to watch for sell orders: Pending orders: No pending sell orders are seen in the current market environment. Price action confirmation levels: 1.09964 (Stop loss: Dependent on price action after the level has been confirmed, Take profit levels(s): Dependent on approaching price action after the level has been confirmed).
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