Canada’s weak Tuesday CPI data has helped the Greenback in bid tone against Loonie. USDCAD’s short to mid term range remains in a bullish favor.

Second Finlogix analysis today goes to the USDCAD pair.

Last March 22’s short trade plan has exited in another loss after holding for 5 days and 8 hours:

https://www.finlogix.com/analysis/20240322/usdcad-intraday-analysis-and-trading-plan-for-march-22-2024

A new overall record of 1 win and 3 losses.

There is no further Canadian high impact report this Thursday.

Re-assessing USDCAD’s high timeframe candles:

Yearly Candle: Last check is a Green Shaven Bottom now a Green Body with a Longer Head Wick

Monthly Candle: Previous close is a Red Long Lower Shadow current is a Green Body with a Longer Head Wick

Weekly Candle: Previous close is a Green Body with a Longer Tail Wick current is a Red Long Upper Shadow

Daily Candle: Previous close is a Red Body and current is a Growing Red Body with a Small Head Wick

The USDCAD has finally eased down after a 5 day green streak.

Intraday low has surpassed yesterday’s lows which signals for a more lowering move.

Despite the corrections on faster time frames, the weekly candle is hinting at a consolidation that can pave way for a new bullish weekly FVG.

If the potential weekly FVG succeeds, the USDCAD can restart the bullish move targeting the external highs of the range mentioned.

In order to keep a bullish bias alive, the pair’s price should stay above the 61.80% fib retracement and the 4H 50-SMA must hold as a support.

Calculating carefully, I change my instance into a USDCAD buyer.

I think it’s enough to stop selling for a while from the straight 2 losses.

To be safe, I’m going to test a long position on the 4H 50-SMA targeting the 78.60% fib retracement for 1.50 RRR take profit while setting a stop loss just below the 61.80% fib.

I hope the 1.37 holds up after a possibility of drawing some sell side liquidity on 1.36 sub levels.

This is what I see for the USDCAD for now.

All trade ideas I share are my own views and for my own trades only.

Copy trading and trading directly involve risks.

USDCAD Intraday Analysis and Trading Plan For April 18, 2024

Apr 18 2024

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