USDCAD SELL SETUP OPPORTUNITY IF PULLBACK

4 days ago

Hello traders I wish you a great WEDNESDAY, Here's my point of view about USDCAD


TECHNICALLY:

HIGHER TIME FRAMES such as DAILY WEEKLY show a liquidity grab before a bearish momentum near the 2-3 previous weekly highs around the 1.38800. This liquidity grab was released last week on Thursday- Friday. Then price re-integrated and gave us a valid sell setup that was aligned with our strategy to sell at the H4 GAP RETEST. Right now, price is very over extended and we are all waiting for pullbacks. Either way, we all have to wait for FOMC to be released today & CAD rates released. This will invalidate or confirm our setup. Next target is the previous monthly low at 1.37250. I am interested to sell close the 1.3800O OR ABOVE THE PREVIOUS DAILY HIGH.

FUNDAMENTALLY

All eyes on today's FOMC! a change in the US DOLLAR SENTIMENT can invalidate the setup! However, if we stick with the same tone, then US will likely continue bearish!

You may find more details in the chart!

Thank you and Good Luck! MAKE SURE TO STAY STRICT WITH YOUR RISK MANAGEMENT!

PS: Please support with a like or comment if you find this analysis useful for your trading day.

2 days ago

Order cancelled

no trades where taken due to US DOLLAR STRENGT. The dollar index rose for a third straight session on Friday to 97.8, rebounding further from the 2022 lows hit earlier in the week as traders digested the Fed’s first rate cut of the year and its updated economic outlook. END OF THE WEEK OUTLOOK: USDCHF TP HIT , GBPUSD TP HIT , EURUSD TP HIT.