USDCAD DAILY ANALYSIS

Usdcad price action is just mixed up, and it is due to a weak dollar and a weak cad, oil has dropped to 75 level causing cad to loss strength, so that's why it's looking so confusing, patience is required to trade such pair

That demand didn't hold

The sells kicked in USDCAD,

Like I said before patience is required to trade this pair, but CAD is finding strength based on USD overall weakness, if that support breaks fully to give a valid BOS then that resistance should be used as a reference point

There is a contradiction if you look closely, EU is selling and USDCAD is selling which means the correlation is not adding up, so just watch key event like NFP and don't rush into trading it for now

Yeah 👍🏾

I will look into that and also I'll watch price for a break of structure

Price missed my entry on USDCAD today, price after trading to a discounted level, started buying, forming a head and shoulder, after sweeping liquidity, I placed my entry on the right shoulder side, equivalent to the left side but price didn't pullback to trigger

Same setup

I have deleted the limit order, I have mark a 4hr level of interest to trade from I don't know if price will go back towards that level and today is NFP I will wait and eat h out for price action

There was a liquidity sweep and break out at that level, although price actually missed the level

From the technical approach, I think usdcad is already alligning to what NFP has to give, it's already selling showing the direction, what do you think?

Yeah i was expecting price to buy from that key level before selling but NFP has done it's mind

When I looked at that level today I knew that it won't hold for the buys, because I have been watching cad basket for a while now and the basket is a little faster forward than the traded pair itself, so I knew because it was already showing a bearish reversal this morning, so it wasn't strange to me, I will conclude that usdcad gives a forward move before EU joins because I have been watching for a long time now and it has been so

Price didn't go higher due to NFP release

That level is still very valid, even though price traded lower because of NFP, price may trade higher to sell from there next week

USDCAD was bearish anyways so the news going in that direction wasn't really an issue

Support became resistance for USDCAD, I will buy from that demand level to the resistance, once price sweeps below 1.39253

Looks like a valid idea. Price is currently at a 4h demand

I know the level is much still valid, but I want to trade to that level before taking a buy base on price action

Just wait for a confirmation