Wednesday’s BOC 25bp cut rate has further slumped CADCHF lower. April 16 scam wick fails its bulls after a recovery attempt this week.

To end today's Finlogix analyses, I am updating a new one for the CADCHF after a stop loss result in my May 31 long trade plan:

https://www.finlogix.com/analysis/20240531/cadchf-intraday-analysis-and-trading-plan-for-may-31-2024

There are 2 further Canadian high impact economic reports tomorrow after 3 were released yesterday. Meanwhile, there is no further major report in Switzerland after Tuesday’s CPI figures.

Re-assessing the CADCHF’s high timeframe candles:

Yearly Candle: Last check is a Green Body with a Longer Head Wick now a Green Long Upper Shadow

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

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

Daily Candle: Previous close is a Green Spinning Top current is a Red Body with a Longer Head Wick

CADCHF’s May support levels have been wiped out.

Adding further damage is the April 16 scam wick now acting as a resistance as well.

With BOC’s dovish instance to the Canadian dollar, I am speculating another price drop soon since June is already a bearish month in its very first week.

We already have a solid fundamental basis for a bearish thesis.

My protective stop loss mentioned previously has been hit for good.

Looking carefully through a strong up wave that started on December 23 and ended in April 2024, this is my swing low to high retracement points.

This up wave is completed after 3 fateful rejections depicted in the 4H chart above!

I’m going to short the cross pair at the current 4H candle at time of writing this analysis with a target profit aim towards the mentioned retracement point’s 78.60% level while putting a stop loss in the 38.20% level.

Here are the short orders to play this pattern:

I’m happy to take the risk while the CADCHF is still hovering in its inconvenient 50% retracement level.

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

Copy trading and trading directly involve risks.

CADCHF Intraday Analysis and Trading Plan For June 6, 2024

Jun 06 2024

Stop Loss -0.92%

Holding time 22d3hr

0.65100

Entry price

0.65700

Stop loss price

1