USDCAD’s bullish FVG formed last April 10 continues to hold for a potential downtrend breakout to the upside!

First Finlogix analysis today goes to the USDCAD pair.

As a result, my May 17’s long trade plan has exited in another loss after holding for 4 days and 5 hours:

https://www.finlogix.com/analysis/20240517/usdcad-intraday-analysis-and-trading-plan-for-may-17-2024

5 straight losses already and a new overall record of 1 win and 6 losses.

There are no further high impact data releases in Canada this week after yesterday’s CPI results while the US is scheduled to have 5 releases starting tomorrow.

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 Red Candle with a Longer Tail Wick since last check

Weekly Candle: Previous close is a Red Body current is a Green Body

Daily Candle: Previous close is a Green Body with a Longer Head Wick current is a Green Long-Legged Doji

The 4H bullish FVG looks strong and the current down wave that started on April 16 might end soon with a considerable favor for the bulls.

As price reclaims the 4H 50-SMA after a rejection in the 100-SMA, the 200-SMA is the next target which coincides with the nearby LH trendline.

If bulls take action with conviction, we will see a strong rally targeting the higher external resistances of this LH trendline.

But if we see another rejection in this trendline as a swing high point, the bullish FVG will be completely retraced and price can go down to as low as the 1.35 level.

With another triggered stop loss in my previous short attempt, I’m changing my instance into a buyer.

My trade plan is simply to open a long position within the current 4H candle’s pullback targeting a LH trendline breakout with a 1.50 RRR.

I put a stop loss to the bullish 4H FVG’s retracement lower boundary only.

I’m giving enough room and time for this trade.

Good luck on this one. Let’s see if my loss streak ends.

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 22, 2024

May 22 2024

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