Interesting buy zone in platy now...
Weekly gain/loss: - 102 pips
Weekly closing price: 1.2480
The USD/CAD sustained further losses last week, consequently pushing the weekly candles deeper into the weekly support area coming in at 1.2433-1.2569 (unites with a trendline support etched from the low 0.9633).
Since daily price struck the underside of a resistance zone drawn from 1.2831-1.2763, the pair has been trading south. Should the bears continue to dominate from here, the next area on the hit list is the nearby demand penciled in at 1.2303-1.2423 (positioned just below the aforementioned weekly support area).
Reviewing Friday’s movement on the H4 timeframe, we can see that price aggressively pushed through August’s opening level at 1.2497 (following Yellen’s comments) and ended the day testing a very interesting buy zone at 1.2450/1.2469. Comprised of a H4 mid-level support at 1.2450, a H4 AB=CD 161.8% Fib ext. point at 1.2469 and a powerful XA 88.6% Fib retracement at 1.2455 (Harmonic bat pattern), this area, along with the noted weekly support area and its converging weekly trendline support, will likely offer a buy trade today.
Suggestions: In the event that the H4 Harmonic pattern completes at 1.2455, we will be interested buyers here. Additional confirmation, in our opinion, is not required since we can comfortably place stops beyond the X point (1.2413) and still achieve adequate risk/reward.
Data points to consider: No high-impacting news events scheduled today.
Weekly closing price: 1.2480
The USD/CAD sustained further losses last week, consequently pushing the weekly candles deeper into the weekly support area coming in at 1.2433-1.2569 (unites with a trendline support etched from the low 0.9633).
Since daily price struck the underside of a resistance zone drawn from 1.2831-1.2763, the pair has been trading south. Should the bears continue to dominate from here, the next area on the hit list is the nearby demand penciled in at 1.2303-1.2423 (positioned just below the aforementioned weekly support area).
Reviewing Friday’s movement on the H4 timeframe, we can see that price aggressively pushed through August’s opening level at 1.2497 (following Yellen’s comments) and ended the day testing a very interesting buy zone at 1.2450/1.2469. Comprised of a H4 mid-level support at 1.2450, a H4 AB=CD 161.8% Fib ext. point at 1.2469 and a powerful XA 88.6% Fib retracement at 1.2455 (Harmonic bat pattern), this area, along with the noted weekly support area and its converging weekly trendline support, will likely offer a buy trade today.
Suggestions: In the event that the H4 Harmonic pattern completes at 1.2455, we will be interested buyers here. Additional confirmation, in our opinion, is not required since we can comfortably place stops beyond the X point (1.2413) and still achieve adequate risk/reward.
Data points to consider: No high-impacting news events scheduled today.
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