Softer US CPI and dovish Fed meeting this week has sent the USDCAD lower. Downtrend continues.

First Finlogix analysis today goes to the USDCAD pair.

Last April 30’s long trade plan has exited in another loss after holding for 15 days:

https://www.finlogix.com/analysis/20240430/usdcad-intraday-analysis-and-trading-plan-for-april-30-2024

4 straight losses already and a new overall record of 1 win and 5 losses.

There are no high impact data releases in Canada and the US this Friday.

Re-assessing USDCAD’s high timeframe candles:

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

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

Weekly Candle: Previous close is a Red Long-Legged Doji current is a Red Long-Legged Spinning Top

Daily Candle: Both previous close and current are Green Long-Legged Spinning Top

My previous bullish analysis has been completely abolished!

Now that we can see a continued downtrending in the USDCAD according to the 4H chart above, we can expect the bullish FVG to be retraced.

The price also is trading below the 3 4H SMAs confluencing the lower high and low trendlines.

I’m changing my instance into a seller.

While the price is still trading within the bullish FVG’s territory, I like to open a short position in the next 4H candle’s rallying attempts with a tight stop loss.

I’m capitalizing for a complete retracement of this bullish FVG as my take profit scenario.

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 May 17, 2024

May 17 2024

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