Our take on the USD/CAD pair's recent movements.
Weekly Timeframe: The weekly timeframe shows price conquering yet another key weekly level at 1.2260, as the USD/CAD pair continues on its relentless march north. This move has consequently opened the gates for prices to challenge a major weekly Quasimodo resistance level seen at 1.2765.
Daily Timeframe: Yesterday saw the USD break above a daily supply area at 1.2265-1.2162, and trade directly into another daily supply area seen at 1.2504-1.2385. Could this area be enough to temporarily halt this buying onslaught?
4hr Timeframe: The 4hr timeframe shows that the recent ascent north rallied a little fewer than 300 pips. This move brought prices up to just below 1.2400, where at which point the buying pressure began to diminish.
In our opinion, 1.2300 is a critical juncture for this pair. Assuming that the buyers can hold out above this level into today and tomorrow, this will in turn see price close above the aforementioned weekly swap level and would likely suggest a more bullish bias going into next week. This will consequently see the aforementioned daily supply area come under pressure, which now remains a key obstacle to a move higher on the weekly timeframe.
With the above taken into account, buying around the 1.2300 region is something we’d definitely consider as long as lower-timeframe confirmation was also present. Selling this pair is something we are not very comfortable with at the moment, especially with prices recently breaking above such a huge level on the weekly timeframe.
Current buy/sell levels:
• Buy orders: watching for lower-timeframe confirmation around 1.2300 (Predicative stop-loss orders seen at: dependent on where one confirms this level).
• Sell orders: Flat (Predicative stop-loss orders seen at: N/A).
Daily Timeframe: Yesterday saw the USD break above a daily supply area at 1.2265-1.2162, and trade directly into another daily supply area seen at 1.2504-1.2385. Could this area be enough to temporarily halt this buying onslaught?
4hr Timeframe: The 4hr timeframe shows that the recent ascent north rallied a little fewer than 300 pips. This move brought prices up to just below 1.2400, where at which point the buying pressure began to diminish.
In our opinion, 1.2300 is a critical juncture for this pair. Assuming that the buyers can hold out above this level into today and tomorrow, this will in turn see price close above the aforementioned weekly swap level and would likely suggest a more bullish bias going into next week. This will consequently see the aforementioned daily supply area come under pressure, which now remains a key obstacle to a move higher on the weekly timeframe.
With the above taken into account, buying around the 1.2300 region is something we’d definitely consider as long as lower-timeframe confirmation was also present. Selling this pair is something we are not very comfortable with at the moment, especially with prices recently breaking above such a huge level on the weekly timeframe.
Current buy/sell levels:
• Buy orders: watching for lower-timeframe confirmation around 1.2300 (Predicative stop-loss orders seen at: dependent on where one confirms this level).
• Sell orders: Flat (Predicative stop-loss orders seen at: N/A).
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