Potential sell seen on USD/CAD traders....
USD/CAD:
Upbeat US retail sales figures, coupled with WTI prices slipping lower for a second consecutive day, the USD/CAD chalked up its second consecutive gain Tuesday, up 0.30%.
H4 Quasimodo support at 1.3028, as you can see, continued to cap downside yesterday and propelled price action beyond July’s opening level at 1.3087 to highs seen just south of 1.31. Note we also have a local trend line support-turned resistance (taken from the low 1.3037) in motion, too. Also of interest, beyond 1.31 trend line resistance is in view, extended from the high 1.3229.
While plenty of resistance is in motion on the H4 timeframe, higher-timeframe flow reveals daily price crossed above resistance at 1.3067 yesterday (now acting support) and perhaps unbolted upside towards resistance at 1.3136. The weekly chart, on the other hand, suggests we may eventually be in for further downside given limited support is visible until connecting with Quasimodo support at 1.2887.
Areas of consideration:
Between the trend line resistance (1.3229) and July’s opening level at 1.3087 on the H4 timeframe (green), the research team notes this as a possible sell zone this morning, targeting H4 Quasimodo support at 1.3028. Although this plays against daily price recently breaking resistance, a sell from here is in line with the predominant trend and also in line with weekly structure. Entry at current price, therefore, is an option, with a protective stop-loss order logged around 1.3120.
Upbeat US retail sales figures, coupled with WTI prices slipping lower for a second consecutive day, the USD/CAD chalked up its second consecutive gain Tuesday, up 0.30%.
H4 Quasimodo support at 1.3028, as you can see, continued to cap downside yesterday and propelled price action beyond July’s opening level at 1.3087 to highs seen just south of 1.31. Note we also have a local trend line support-turned resistance (taken from the low 1.3037) in motion, too. Also of interest, beyond 1.31 trend line resistance is in view, extended from the high 1.3229.
While plenty of resistance is in motion on the H4 timeframe, higher-timeframe flow reveals daily price crossed above resistance at 1.3067 yesterday (now acting support) and perhaps unbolted upside towards resistance at 1.3136. The weekly chart, on the other hand, suggests we may eventually be in for further downside given limited support is visible until connecting with Quasimodo support at 1.2887.
Areas of consideration:
Between the trend line resistance (1.3229) and July’s opening level at 1.3087 on the H4 timeframe (green), the research team notes this as a possible sell zone this morning, targeting H4 Quasimodo support at 1.3028. Although this plays against daily price recently breaking resistance, a sell from here is in line with the predominant trend and also in line with weekly structure. Entry at current price, therefore, is an option, with a protective stop-loss order logged around 1.3120.
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