The final Finlogix analysis for today is for the USDCAD.

Last March 7’s trade plan has exited in a stop loss:

https://www.finlogix.com/analysis/20240307/usdcad-intraday-analysis-and-trading-plan-for-march-7-2024

I am now 1 win and 2 losses overall since January.

Join me as I re-examine the Forex pair with fresh insights.

On Tuesday, the Loonie got sold off against Greenback after the Canadian CPI figures came out lower than forecast.

There’s no further Canadian high impact news this Friday.

Re-assessing USDCAD’s high timeframe candles:

Yearly Candle: Still a Green Shaven Bottom since last check

Monthly Candle: Last check is a Red Shaven Bottom now a Red Long Lower Shadow

Weekly Candle: Previous close is a Green Body with a Slightly Longer Tail Wick current is a Green Long-Legged Spinning Top

Daily Candle: Both previous close and current are Green Body with Longer Tail Wicks

Intramonth’s high above the 1.36 level remained as a resistance mentioned in my previous analysis.

On the daily view, it seems the USDCAD is still trading mid-range from 1.40 down to 1.31.

This price range is my basis for premium and discount arrays.

I have to admit that I was wrong in shorting USDCAD previously.

It’s clearer in this analysis that it was approaching support regions last time.

Current levels are still discounted and I’m speculating that the 61.80% fib level will be targeted first before the next leg down.

The 50% fib 1.3500-1.3550 levels have offered support and might help propel price towards 1.36-1.37.

For now I will focus sell setups only from this theory.

These are the following short entries to observe:

Having a 6.04 risk:reward score, I will be paid handsomely when this trade goes accordinly while the risk is limited only.

I am trying to trade a ranging USDCAD from a short to mid term perspective.

This is what I can see for the pair for now.

See you on my next analysis and have an amazing weekend.