Our take on the USD/CAD this week...
Weekly gain/loss: + 67 pips
Weekly closing price: 1.3086
Although weekly demand at 1.3006-1.3115 remains intact right now, there has been very little noteworthy movement registered from this zone over the last two weeks. In the event that the demand base eventually does give way this week, the next support hurdle in view would be the weekly trendline support penciled in from the high 1.1278.
Moving down to the daily timeframe, Tuesday’s action topped at a high of 1.3212 and spent the remainder of the week receding lower. To our way of seeing things, there is very little daily support stopping the daily candles from continuing lower this week down to at least the daily support at 1.3006, which happens to merge closely with a daily trendline support extended from the low 1.2654.
The impact of Friday’s upbeat Canadian job’s report sent the H4 candles screaming lower, engulfing the 1.31 handle and clocking a low of 1.3064. With the 1.31 support now out of the picture, the next H4 downside target can be seen at the H4 mid-way support drawn from 1.3050. 1.3050 is an interesting base as supporting a bounce from this neighborhood we have the following converging structures: February’s opening level at 1.3039, a H4 trendline support taken from the low 1.2968, a H4 AB=CD 161.8% approach terminating around 1.3019 and to top it off there’s also the current daily trendline support intersecting with this H4 buy zone (yellow rectangle).
Our suggestions: While buying from the H4 buy zone noted above at 1.3019/1.3050 may very well be tempting considering its confluence, we still have to remain cognizant of the 1.30 figure seen just below it. This watched number could act as a magnet to price and pull the pair through our H4 buy zone! Therefore, to be on the safe side, we will wait for a reasonably sized H4 bull candle to take shape here before pressing the buy button. This will by no means guarantee a winning trade, but what it will do is show buyer interest within a high-probability reversal zone, and, let’s be honest, we cannot ask for much more than this!
Data points to consider: There are no scheduled high-impacting news events on the docket today relating to these two markets.
Levels to watch/live orders:
• Buys: 1.3019/1.3050 (wait for a reasonably sized H4 bull candle to form before pulling the trigger, stop loss: ideally beyond the trigger candle).
• Sells: Flat (stop loss: N/A).
Weekly closing price: 1.3086
Although weekly demand at 1.3006-1.3115 remains intact right now, there has been very little noteworthy movement registered from this zone over the last two weeks. In the event that the demand base eventually does give way this week, the next support hurdle in view would be the weekly trendline support penciled in from the high 1.1278.
Moving down to the daily timeframe, Tuesday’s action topped at a high of 1.3212 and spent the remainder of the week receding lower. To our way of seeing things, there is very little daily support stopping the daily candles from continuing lower this week down to at least the daily support at 1.3006, which happens to merge closely with a daily trendline support extended from the low 1.2654.
The impact of Friday’s upbeat Canadian job’s report sent the H4 candles screaming lower, engulfing the 1.31 handle and clocking a low of 1.3064. With the 1.31 support now out of the picture, the next H4 downside target can be seen at the H4 mid-way support drawn from 1.3050. 1.3050 is an interesting base as supporting a bounce from this neighborhood we have the following converging structures: February’s opening level at 1.3039, a H4 trendline support taken from the low 1.2968, a H4 AB=CD 161.8% approach terminating around 1.3019 and to top it off there’s also the current daily trendline support intersecting with this H4 buy zone (yellow rectangle).
Our suggestions: While buying from the H4 buy zone noted above at 1.3019/1.3050 may very well be tempting considering its confluence, we still have to remain cognizant of the 1.30 figure seen just below it. This watched number could act as a magnet to price and pull the pair through our H4 buy zone! Therefore, to be on the safe side, we will wait for a reasonably sized H4 bull candle to take shape here before pressing the buy button. This will by no means guarantee a winning trade, but what it will do is show buyer interest within a high-probability reversal zone, and, let’s be honest, we cannot ask for much more than this!
Data points to consider: There are no scheduled high-impacting news events on the docket today relating to these two markets.
Levels to watch/live orders:
• Buys: 1.3019/1.3050 (wait for a reasonably sized H4 bull candle to form before pulling the trigger, stop loss: ideally beyond the trigger candle).
• Sells: Flat (stop loss: N/A).
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