USDCAD’s bulls refusal to give up the 1.35-36 levels is keeping a 3-month trading range in play.

As a result, my July 3’s short trade plan has exited in another loss after holding for 2 days and 21 hours:

https://www.finlogix.com/analysis/20240703/usdcad-intraday-analysis-and-trading-plan-for-july-3-2024

A new overall record of 2 wins and 9 losses.

There are 5 American high impact data releases while 4 in Canada in the upcoming trading week.

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 Red Shooting Star now a Green Long Lower Shadow

Weekly Candle: Previous close is a Red Long Lower Shadow current is a Green Body with a Longer Head Wick

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

In today’s analysis, I’m adjusting to use July 2 swing high to July 11 swing love moves as the retracement points of view.

These retracements have created a series of new sell side liquidations after the initial June 25 grabbing.

The latest liquidation in fact even went lower or swept the previous lows in the 3-month old trading range.

Also we can observe that the range’s bullish 4H bullish FVG is still holding up well.

Weekend’s price coincidentally closed or stopped at the retracement’s 61.80% fib level indicating that the range’s premium array is hit again.

The latest swing high also forms a new lower high since June 11.

Funny thing is, my short take profit has been visited first prior to my entry being hit!

So a totally opposite price direction has occurred.

Nevertheless, it’s better that the stop loss got hit to prevent further damages.

Based on the current structure, I change my instance to a USDCAD buyer.

Will enter through the retracement points of view’s potential shallow dip below its 50% fib level targeting the 78.60% for take profit while stop loss is placed on the 38.20% fib level only.

Note: Finlogix pricing is set from the ACY Securities price feed, with liquidity being sourced by top tier banks via ACY Connect.

Let’s see how this one goes and good luck again.

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

USDCAD Intraday Analysis and Trading Plan For July 20, 2024

Jul 20 2024

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