Interesting PA seen on USD/CAD, traders...
USD/CAD:
USD/CAD prices wrapped up Monday’s segment unmoved, with action confined within Friday’s range. As reported in Monday’s technical research, since September 19, the H4 candles have been carving out either a bullish flag (1.3310/1.3242) or a potential descending triangle formation, with support sited at 1.3233. H4 supports to be aware of beyond the said ranges can be seen at the 1.32 handle and nearby August’s opening level at 1.3187. Overhead, we have the 1.33 handle and September’s opening level at 1.3314 to contend with.
Looking at weekly price, the pair remains within last week’s range, which formed an inside bearish candle formation. Resistance is fixed at the 2017 yearly opening level drawn from 1.3434, closely lagged by trend line support-turned resistance extended from the low 1.2247. To the downside, the 1.3016 July 15 low represents potential support, followed by a Quasimodo formation at 1.2887.
Daily action, on the other hand, settled yesterday marginally beneath the 50-day SMA (blue – 1.3244), with the 200-day SMA plotted just above (orange – 1.3296) also slightly turning lower. Outside of these lines, traders likely have eyes fixed on support coming in at 1.3136 and resistance drawn from 1.3382, sited just north of a 61.8% Fibonacci ratio at 1.3357.
Areas of consideration:
Outlook unchanged.
Based on the technical chart studies, weekly price suggests a lower move this week, as does daily price after marginally closing beneath the 50-day SMA. This implies H4 price may continue to fill its current flagging formation and possibly complete the descending triangle pattern, with its take-profit target positioned beyond 1.32/1.3187 at 1.3168 (black arrows). Therefore, sellers, on the break of the H4 support level at 1.3233, are likely looking to get involved, targeting 1.3168, followed by a potential run to daily support at 1.3136.
USD/CAD prices wrapped up Monday’s segment unmoved, with action confined within Friday’s range. As reported in Monday’s technical research, since September 19, the H4 candles have been carving out either a bullish flag (1.3310/1.3242) or a potential descending triangle formation, with support sited at 1.3233. H4 supports to be aware of beyond the said ranges can be seen at the 1.32 handle and nearby August’s opening level at 1.3187. Overhead, we have the 1.33 handle and September’s opening level at 1.3314 to contend with.
Looking at weekly price, the pair remains within last week’s range, which formed an inside bearish candle formation. Resistance is fixed at the 2017 yearly opening level drawn from 1.3434, closely lagged by trend line support-turned resistance extended from the low 1.2247. To the downside, the 1.3016 July 15 low represents potential support, followed by a Quasimodo formation at 1.2887.
Daily action, on the other hand, settled yesterday marginally beneath the 50-day SMA (blue – 1.3244), with the 200-day SMA plotted just above (orange – 1.3296) also slightly turning lower. Outside of these lines, traders likely have eyes fixed on support coming in at 1.3136 and resistance drawn from 1.3382, sited just north of a 61.8% Fibonacci ratio at 1.3357.
Areas of consideration:
Outlook unchanged.
Based on the technical chart studies, weekly price suggests a lower move this week, as does daily price after marginally closing beneath the 50-day SMA. This implies H4 price may continue to fill its current flagging formation and possibly complete the descending triangle pattern, with its take-profit target positioned beyond 1.32/1.3187 at 1.3168 (black arrows). Therefore, sellers, on the break of the H4 support level at 1.3233, are likely looking to get involved, targeting 1.3168, followed by a potential run to daily support at 1.3136.
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