USDCAD’s short to mid term’s 61.80% fib retracement level has keep its bullish intentions alive.

Second Finlogix analysis today goes to the USDCAD pair.

Last April 18’s long trade plan has exited in another loss after holding for 3 days and 12 hours:

https://www.finlogix.com/analysis/20240418/usdcad-intraday-analysis-and-trading-plan-for-april-18-2024

3 straight losses already and a new overall record of 1 win and 4 losses.

A heavy week in the US with 14 high impact data releases while 3 in Canada.

Re-assessing USDCAD’s high timeframe candles:

Yearly Candle: Still a Green Body with a Longer Head Wick since last check

Monthly Candle: Still a Green Body with a Longer Head Wick since last check

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

Daily Candle: Yesterday close is a Green Doji current is a Green Body with a Longer Head Wick

After printing a double daily top pattern last April 16-17, USDCAD has retraced its monthly gains but bears did not break the 1.36 level.

On the daily chart, we can see that both the November 2023 order block and the recent daily FVG have held the price which is also coinciding the short to mid term range’s 61.80% fib retracement level.

We can also see a weekly double bottom this week that might help an upward price trajectory for the May opening soon.

Even though my previous long trade plan has hit its stop loss, I have clearly pointed out last time the following lines:

“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.”

Which currently happening at time of writing this new analysis.

I maintain my USDCAD buying instance with the following entries:

There’s a rejection on USDCAD’s 4H 50-SMA but I am trying to enter through intraday’s pullback attempts and I am comfortable to hold this long trade again if gets activated.

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 30, 2024

Apr 30 2024

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