Anyone looking for shorts off 1.34 today???
A combination of softening crude oil prices and broad-based USD buying lifted the USD/CAD to higher ground Monday. Strong buying interest emerged from 1.33 on the H4 timeframe, pulling the unit above nearby resistance at 1.3329 (now acting support) towards 1.34/channel resistance (extended from the high 1.3317). Stop-loss orders above 1.34 are likely under pressure, and a portion of breakout buyers’ orders are perhaps filled.
With respect to the higher-timeframe action, weekly price is seen challenging supply at 1.3540-1.3387/the 2017 yearly opening level within at 1.3434. Despite this, daily movement recently conquered resistance at 1.3387 (now acting support), possibly unlocking the door towards resistance priced in at 1.3533 (not seen on the screen), located within the upper limit of the current weekly supply.
Areas of consideration:
With weekly supply at 1.3540-1.3387 in play, along with 1.34 and a H4 channel resistance also in motion, a pullback to lower levels may be on the cards towards H4 support priced in at 1.3329. However, having seen daily price portend further buying, traders are urged to exercise caution. Waiting for a decisive H4 bearish candlestick formation to print off 1.34 is recommended before pulling the trigger, as not only will this display seller intent, it’ll also provide entry/stop parameters.
Today’s data points: US PPI m/m; US Core PPI m/m.
With respect to the higher-timeframe action, weekly price is seen challenging supply at 1.3540-1.3387/the 2017 yearly opening level within at 1.3434. Despite this, daily movement recently conquered resistance at 1.3387 (now acting support), possibly unlocking the door towards resistance priced in at 1.3533 (not seen on the screen), located within the upper limit of the current weekly supply.
Areas of consideration:
With weekly supply at 1.3540-1.3387 in play, along with 1.34 and a H4 channel resistance also in motion, a pullback to lower levels may be on the cards towards H4 support priced in at 1.3329. However, having seen daily price portend further buying, traders are urged to exercise caution. Waiting for a decisive H4 bearish candlestick formation to print off 1.34 is recommended before pulling the trigger, as not only will this display seller intent, it’ll also provide entry/stop parameters.
Today’s data points: US PPI m/m; US Core PPI m/m.
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