USDCAD has started a new uptrend wave after a final retest of its bullish FVG formed last April 10 the other week!

Second Finlogix analysis today goes to the USDCAD pair.

As a result, my May 22’s long trade plan has exited in profit after holding for 19 days and 20 hours:

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

This ends my 5 straight losses with a new overall record of 2 wins and 6 losses.

There is 1 high impact data release in Canada this week on Thursday while the US is scheduled to have 11 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: Previous close is a Red Body with a Longer Tail Wick current is a Green Body with a Longer Tail Wick

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

Daily Candle: Previous close is a Green Long Upper Shadow current is a Green Spinning Top

April 10’s 4H bullish FVG has helped the USDCAD bulls in finishing its downtrend channel on the back of a strong Friday shoot up.

Bulls immediate targets now are to seek the external highs in May and April.

This week is another heady data in the US and hawkish instances will further shoot the US dollar upward against the Loonie.

The DXY index has found resilient support below its daily 200-SMA that helped a bearish narrative at bay.

Although the pair has been temporarily halted through last month’s peak through yesterday’s strong profit taking, buyers are still in control more.

For my new USDCAD trade plan, I’m still betting for more upside potential, therefore I’m going to open a new long position through last week’s closing.

My take profit target is simply taking the buy side liquidity above April 16-17 highs with a quick stop loss exit at the newly formed bullish 4H FVG drawn above.

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

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 June 11, 2024

Jun 11 2024

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