USD/CAD Weekly outlook and review.
Weekly TF.
Last week saw a strong push up from the buyers deep into weekly supply at 1.09592-1.08133. Price still remains capped between the aforementioned weekly supply area and weekly demand below at 1.05715-1.07008. If we see a break of the weekly supply area, things will start to get very interesting as we believe the profit potential to the upside is huge.
Daily TF.
For the past two days or so, price has been trading in and round a nice-looking daily supply area at 1.09592-1.09156, we are expecting lower prices from here as we are also very deep within a weekly supply area just mentioned above, if however a break higher is seen, prices could likely be forced to test the oncoming daily supply area at 1.10522-1.10133, but for the time being, price remains capped between the daily supply area at 1.09592-1.09156 and a daily S/R flip level at 1.08277.
4hr TF.
As reported in the last analysis, the 4hr decision-point area at 1.09470-1.09354 likely had active sellers waiting. A reaction was indeed seen, and the sellers pushed price down to the round number 1.09.
Considering we are now trading around not only weekly supply, but also daily supply as well (see above for levels), we expect to see lower prices from here down to at least the 4hr R/S flip level at 1.08696, and with some effort, a push down to the 4hr S/D flip area at 1.08250-1.08123. Once the market opens we will be watching price action very carefully in between the round number 1.09 and the 4hr decision-point area at 1.09470-1.09354 for any sings that price wants to trade higher.
Pending/P.A confirmation orders:
• No pending buy orders (Green line) are seen in the current market environment.
• 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 decision-point area (1.09470-1.09354) at 1.09314 is now active, our first take-profit level has been hit already at 1.09, so do keep an eye on our second take-profit level set at 1.08696.
• No P.A confirmation sell orders (Red line) are seen in the current market environment.
• Areas to watch for buy orders: P.O: No pending buy orders seen within the current market environment. P.A.C: No P.A confirmation buy orders seen within the current market environment.
• Areas to watch for sell orders: P.O: 1.09314 (Active) (SL: 1.09527 TP: [1] 1.09 [2] 1.08696 [3] 1.08250). P.A.C: No P.A confirmation sell orders seen within the current market environment.
Last week saw a strong push up from the buyers deep into weekly supply at 1.09592-1.08133. Price still remains capped between the aforementioned weekly supply area and weekly demand below at 1.05715-1.07008. If we see a break of the weekly supply area, things will start to get very interesting as we believe the profit potential to the upside is huge.
Daily TF.
For the past two days or so, price has been trading in and round a nice-looking daily supply area at 1.09592-1.09156, we are expecting lower prices from here as we are also very deep within a weekly supply area just mentioned above, if however a break higher is seen, prices could likely be forced to test the oncoming daily supply area at 1.10522-1.10133, but for the time being, price remains capped between the daily supply area at 1.09592-1.09156 and a daily S/R flip level at 1.08277.
4hr TF.
As reported in the last analysis, the 4hr decision-point area at 1.09470-1.09354 likely had active sellers waiting. A reaction was indeed seen, and the sellers pushed price down to the round number 1.09.
Considering we are now trading around not only weekly supply, but also daily supply as well (see above for levels), we expect to see lower prices from here down to at least the 4hr R/S flip level at 1.08696, and with some effort, a push down to the 4hr S/D flip area at 1.08250-1.08123. Once the market opens we will be watching price action very carefully in between the round number 1.09 and the 4hr decision-point area at 1.09470-1.09354 for any sings that price wants to trade higher.
Pending/P.A confirmation orders:
• No pending buy orders (Green line) are seen in the current market environment.
• 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 decision-point area (1.09470-1.09354) at 1.09314 is now active, our first take-profit level has been hit already at 1.09, so do keep an eye on our second take-profit level set at 1.08696.
• No P.A confirmation sell orders (Red line) are seen in the current market environment.
• Areas to watch for buy orders: P.O: No pending buy orders seen within the current market environment. P.A.C: No P.A confirmation buy orders seen within the current market environment.
• Areas to watch for sell orders: P.O: 1.09314 (Active) (SL: 1.09527 TP: [1] 1.09 [2] 1.08696 [3] 1.08250). P.A.C: No P.A confirmation sell orders seen within the current market environment.
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