USDCAD appears to be trading sideways after double topping last week. Currently facing similar external highs in April.

As a result, my July 29’s long trade plan has exited in loss after holding for 6 hours only:

https://www.finlogix.com/analysis/20240725/usdcad-intraday-analysis-and-trading-plan-for-july-25-2024

A new overall record of 3 wins and 11 losses.

There are 13 American high impact data releases while only 1 in Canada this week.

Re-assessing USDCAD’s high timeframe candles:

Yearly Candle: Still a Green Body since last check but with Equal Wick Lengths

Monthly Candle: Still a Green Body with a Longer Tail Wick since last check

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

Daily Candle: Previous close is a Green Long-Legged Spinning Top current is a Green Long Lower Shadow

The uptrend that I saw previously is in jeopardy at least on a short-term basis if we see another intraweek rejection from last week’s double top structure.

If the up wave that started last July 11 has ended on July 26 from the retracement point of view, I’m selling the intraday rally.

With a heavy data week in the US, the USDCAD will be weighed heavily on the US Dollar with hopes of a Fed cut rate by September.

However, if we see a sudden push up move this week targeting my previous analysis’ retracement points bullish 1.618 fib extension level, then this will nullify my short-term pullback theory.

The 2023 resistance is still a viable target if the buyers are not yet exhausted, otherwise USDCAD may consolidate sideways through the current higher range levels.

Today’s trade plan is short after I have decided that a 50% correction on the up wave mentioned can be probable.

I will be putting a stop loss just above last week’s double top resistance plus 50 pips. It’s a good risk.

While putting the take profit towards the 50% fib level of the up wave.

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 29, 2024

Jul 29 2024

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