USDCAD’s bullish 4H FVG mentioned in my July 11 analysis has become a buy order block keeping the upward momentum intact.

As a result, my June 11 long trade plan has exited in a loss after holding for 2 hours only:

https://www.finlogix.com/analysis/20240611/usdcad-intraday-analysis-and-trading-plan-for-june-11-2024

A new overall record of 2 wins and 7 losses.

There are 5 remaining high impact data releases in the US starting tonight while there is none in Canada this week.

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 since last check but with a Longer Head Wick

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

Daily Candle: Previous close is a Red Long Upper Shadow current is a Green Body with a Longer Tail Wick

Note: I’m using Tradingview.com under the USDCAD pair in FXCM Exchange to thoroughly re-assess these high timeframe candles.

The June 11-12 swing high to low move are our retracement points of view for today.

These retracements are formed after the mentioned bullish 4H FVG has been completely retraced, becoming a buy order block instead.

From these retracements also, we have a bullish main trend that can potentially target up to the 1.3860 level while a bearish counter trend targets the retest of June lows at the 1.3610 level.

In addition, last week’s price action has formed a new lower high trendline since June 11’s peak and intraday’s dip has created a higher low trendline also.

These trendlines create a local symmetrical triangle in which USDCAD can go higher or lower according to the winning trend’s price direction.

However, the current main bullish trend can proceed a continuation to the upside.

Even though my quick stop loss in my previous trade plan has been hit right away, I still prefer to trade in the main bullish trend’s direction.

Intraday’s dip was confirmed by a 4H red hammer after discount array orders have been filled.

I like to enter a long position through the current 4H green hammer with a take profit target through a complete breakout on the local lower high trendline.

In case the counter trend retaliates, I will put the stop loss within the buy order block’s mid point.

Here’s the new long orders to play this out:

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 18, 2024

Jun 18 2024

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