#USDCAD looking tasty beneath 1.33...
As can be seen on the H4 chart this morning, the US dollar rose modestly against its Canadian counterpart on Monday. However, although H4 price reclaimed the 1.33 handle to the upside, the pair failed to advance beyond highs of 1.3324, consequently mildly paring gains and closing marginally back beneath 1.33 into the close.
As a result of recent movement, our outlook remains unchanged. All three timeframes we watch show signs of selling strength. Weekly price recently whipsawed through the top edge of a weekly supply area at 1.3347-1.3210, and, in all probability, completed a three-drive approach (see black arrows). By and of itself, this could guide the pair lower this week. Bolstering weekly structure is also a daily Quasimodo resistance level priced in at 1.3308. Although the level endured a rather savage whipsaw to weekly highs last week, the barrier remains intact. In the case that the market continues to probe lower from here this week, we do not expect much buying interest to be seen until reaching daily support plastered in at 1.3001.
Areas of consideration:
In view of the above, a retest to the underside of 1.33 today that’s followed up with an adequate H4 bearish close would, according to the technicals, be a high-probability short, targeting H4 demand at 1.3159-1.3201 as an initial take-profit zone.
Today’s data points: US CB consumer confidence; FOMC member Bostic speaks.
As a result of recent movement, our outlook remains unchanged. All three timeframes we watch show signs of selling strength. Weekly price recently whipsawed through the top edge of a weekly supply area at 1.3347-1.3210, and, in all probability, completed a three-drive approach (see black arrows). By and of itself, this could guide the pair lower this week. Bolstering weekly structure is also a daily Quasimodo resistance level priced in at 1.3308. Although the level endured a rather savage whipsaw to weekly highs last week, the barrier remains intact. In the case that the market continues to probe lower from here this week, we do not expect much buying interest to be seen until reaching daily support plastered in at 1.3001.
Areas of consideration:
In view of the above, a retest to the underside of 1.33 today that’s followed up with an adequate H4 bearish close would, according to the technicals, be a high-probability short, targeting H4 demand at 1.3159-1.3201 as an initial take-profit zone.
Today’s data points: US CB consumer confidence; FOMC member Bostic speaks.
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