Update on the USD/CAD

FX:USDCAD   美元 / 加元
165 0
In our previous report, we underlined a significant resistance zone between the 1.26 handle seen on the H4 timeframe and a H4 resistance band placed at 1.2580 (green rectangle ). The reasoning behind selecting this area was due to the resistance holding back the buyers on Wednesday, as well as additional resistance coming in from the 2018 yearly opening level seen on the weekly timeframe at 1.2579. What also drew us to the zone was the daily supply zone at 1.2554-1.2510. Despite having the top edge taken out, the area was strong enough to remain in the fight!

Market direction:

Technically speaking, we do not see a whole lot stopping the H4 candles from connecting with the 1.25 handle. Daily structure shows price could stretch as far south as 1.2390: a 61.8% daily Fib support, and weekly price appears clear down to weekly demand at 1.1919-1.2074.

As a result, should H4 price shake hands with 1.25 in upcoming sessions, a close beneath this number is a real possibility, with the prospect of 1.24ish in the near future. Well done to any of our readers who managed to take advantage of 1.26/1.2580.

Data points to consider: US CPI m/m figures and US retail sales numbers m/m at 1.30pm GMT .

Areas worthy of attention:

Supports: 1.25 handle; 1.24 handle; 1.2390.
Resistances: 1.26 handle; 1.2580; 1.2579; 1.2554-1.2510.

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