USDCAD threatens to drop, playing a 4H bearish descending triangle instead after the bulls have failed to keep the momentum in place.

As a result, my June 18’s long trade plan has exited in another loss after holding for 2 days and 4 hours:

https://www.finlogix.com/analysis/20240618/usdcad-intraday-analysis-and-trading-plan-for-june-18-2024

A new overall record of 2 wins and 8 losses.

There are 6 high impact data releases in the US while there are 5 in Canada both start this coming Tuesday.

Re-assessing USDCAD’s high timeframe candles:

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

Monthly Candle: Last check is a Green Body now a Green Long Upper Shadow

Weekly Candle: Previous close is a Red Body with a Longer Head Wick current is a Red Inverted Hammer

Daily Candle: Previous close is a Red Long-Legged Doji current is a Red Inverted Hanging Man

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

In today’s analysis, I’m adjusting to use the June 12-14 swing low to high move as the retracement points of view.

These retracements seemed to give a signal for a price drop by the bearish order block which was formerly a bullish FVG in my last analysis.

On the other hand, the DXY index has failed to push through a bullish weekly opening and hinting at a weekly double top structure.

A further drop in the DXY shall support USDCAD fall-out as well.

As price is currently hovering within June 4’s 4H bullish FVG, the USDCAD bears are threatening to push lower.

I’ll be focusing on selling setups for now.

Given the retracements today, I’m going to short USDCAD upon a mini price rally in the current or the next 4H candle with an aim to take profit at the FVG’s complete retracement coinciding the bearish 1.618 fib extension level with a stop loss at 1.37 only.

Here’s the new short orders to execute this trade plan:

Note: Different liquidity providers may have set their prices differently compared to Finlogix. Adjust accordingly.

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 24, 2024

Jun 24 2024

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