USDCAD is trading in a new uptrend after breaking and backtesting the lower high trendline formed as early as April 16 this year.

As a result, my July 20’s long trade plan has exited in profit after holding for 2 days and 19 hours:

https://www.finlogix.com/analysis/20240720/usdcad-intraday-analysis-and-trading-plan-for-july-20-2024

A new overall record of 3 wins and 10 losses.

There are 3 remaining American high impact data releases tonight while no further in Canada.

Re-assessing USDCAD’s high timeframe candles:

Yearly Candle: Still a Green Body since last check but with a Slightly Longer Tail Wick

Monthly Candle: Last check is a Green Long Lower Shadow now a Green Body with a Longer Tail Wick

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

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

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

The highs from these retracement points are completely broken this week after USDCAD bulls pushed a convincing liquidity run-off.

I’m speculating a further northern price movement towards the main 1.40 level target before a considerable pullback to occur.

However, price exhaustion can happen as the immediate resistance at the 1.3850-60 range awaits.

So I was able to exit in profit previously.

Based on the current price structure of USDCAD, buyers are flooding the market.

As the nearby resistance unfolds, I like to FOMO in right now with a strict stop loss at 1.38 only because price might go in sideways if it won’t break the nearby mentioned resistance levels.

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

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

USDCAD Intraday Analysis and Trading Plan For July 25, 2024

Jul 25 2024

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