USD/CAD Weekly technical outlook and review.
Weekly TF.
A big close above the monster weekly supply area was seen last week at 1.09592-1.08133, effectively clearing the path north towards weekly supply at 1.10522-1.09996 which could very well be hit sometime this week.
Daily TF.
For most of last week, buyers and sellers on this timeframe have been having a mini tug of war around daily supply at 1.09592-1.09156. Price was pushed north, then south, then once again north, when will this end? The path north up to daily supply at 1.10522-1.10133 appears to be relatively free of any major obstacles, so we shall be watching for a push north this week sometime, as this area is also neatly located around a small weekly supply area at 1.10522-1.09996.
4hr TF.
A perfect trading week was seen for us on this pair. We were filled on our short order around the 4hr decision-point level (1.09865) at 1.09822, and both our targets were then quickly hit. Our current active long order set just above 4hr demand (1.09032-1.09104) at 1.09136 had just hit its first take-profit level at 1.09686 just before the market closed last week.
Regarding this week, we have our eye on a very attractive 4hr supply area at 1.10388-1.10163; there are two reasons why we find this area nice looking:
1. Located in both weekly supply at 1.10522-1.09996, and also daily supply at 1.10522-1.10133.
2. Look just below the aforementioned 4hr supply area, what do you see? A huge round number 1.1, pro money know there will lots of orders around this level, so a push above towards the 4hr supply level, will no doubt stop out the traders trying to fade the big number, and also trigger the breakout buyers’ orders. So pro money will have plenty of buy orders to sell into, who wins? Pro money does, and we being the minority in terms of funding are left stopped out scratching our heads!
Pending/P.A confirmation orders:
• The pending buy order (Green line) set just above 4hr demand (1.09032-1.09104) at 1.09136 is now active. Our first take-profit level has been hit at 1.09686, so do keep an eye on our second take-profit level at the round number 1.1.
• No P.A confirmation buy orders (Red line) are seen in the current market environment.
• The pending sell order (Green line) set just below a 4hr decision-point level (1.09865) at 1.09822 has been closed in full profit, since price hit both take-profit levels relatively quickly at 1.09470/1.09136.
• No P.A confirmation sell orders (Red line) are seen in the current market environment.
• Areas to watch for buy orders: P.O: 1.09136 (Active) (SL: 1.08951 TP: [1] 1.09686 [2] 1.1 [3] 1.10163). P.A.C: No P.A confirmation buy orders seen within the current market environment.
• Areas to watch for sell orders: P.O: 1.10113 (SL: 1.10411 TP: Dependent on how price approaches) P.A.C: No P.A confirmation sell orders seen within the current market environment.
A big close above the monster weekly supply area was seen last week at 1.09592-1.08133, effectively clearing the path north towards weekly supply at 1.10522-1.09996 which could very well be hit sometime this week.
Daily TF.
For most of last week, buyers and sellers on this timeframe have been having a mini tug of war around daily supply at 1.09592-1.09156. Price was pushed north, then south, then once again north, when will this end? The path north up to daily supply at 1.10522-1.10133 appears to be relatively free of any major obstacles, so we shall be watching for a push north this week sometime, as this area is also neatly located around a small weekly supply area at 1.10522-1.09996.
4hr TF.
A perfect trading week was seen for us on this pair. We were filled on our short order around the 4hr decision-point level (1.09865) at 1.09822, and both our targets were then quickly hit. Our current active long order set just above 4hr demand (1.09032-1.09104) at 1.09136 had just hit its first take-profit level at 1.09686 just before the market closed last week.
Regarding this week, we have our eye on a very attractive 4hr supply area at 1.10388-1.10163; there are two reasons why we find this area nice looking:
1. Located in both weekly supply at 1.10522-1.09996, and also daily supply at 1.10522-1.10133.
2. Look just below the aforementioned 4hr supply area, what do you see? A huge round number 1.1, pro money know there will lots of orders around this level, so a push above towards the 4hr supply level, will no doubt stop out the traders trying to fade the big number, and also trigger the breakout buyers’ orders. So pro money will have plenty of buy orders to sell into, who wins? Pro money does, and we being the minority in terms of funding are left stopped out scratching our heads!
Pending/P.A confirmation orders:
• The pending buy order (Green line) set just above 4hr demand (1.09032-1.09104) at 1.09136 is now active. Our first take-profit level has been hit at 1.09686, so do keep an eye on our second take-profit level at the round number 1.1.
• No P.A confirmation buy orders (Red line) are seen in the current market environment.
• The pending sell order (Green line) set just below a 4hr decision-point level (1.09865) at 1.09822 has been closed in full profit, since price hit both take-profit levels relatively quickly at 1.09470/1.09136.
• No P.A confirmation sell orders (Red line) are seen in the current market environment.
• Areas to watch for buy orders: P.O: 1.09136 (Active) (SL: 1.08951 TP: [1] 1.09686 [2] 1.1 [3] 1.10163). P.A.C: No P.A confirmation buy orders seen within the current market environment.
• Areas to watch for sell orders: P.O: 1.10113 (SL: 1.10411 TP: Dependent on how price approaches) P.A.C: No P.A confirmation sell orders seen within the current market environment.
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