Look to short USDCAD deep inside daily supply
Price Altitude: High
Daily Trend: Range
4H Trend: Uptrend
Analysis: USDCAD rallied last week and has now reached a large daily supply level starting @ 1.31550. In the process it has formed demand zones. Since we are in a range on the daily timeframe, it is always advantageous to trade the extremes and ignore the chop in the middle.
Prediction: Overall my bias is to short 4h Supply @ 1.32523 and/or 1.32523.
Price Points of Interest:
4h Supply @ 1.32523
4h Supply @ 1.31655
4h Demand @ 1.30214
This analysis is meant to be educational, inspirational and confirming of your own analysis. Trade carefully, trade wisely by managing your risk exposure.
Daily Trend: Range
4H Trend: Uptrend
Analysis: USDCAD rallied last week and has now reached a large daily supply level starting @ 1.31550. In the process it has formed demand zones. Since we are in a range on the daily timeframe, it is always advantageous to trade the extremes and ignore the chop in the middle.
Prediction: Overall my bias is to short 4h Supply @ 1.32523 and/or 1.32523.
Price Points of Interest:
4h Supply @ 1.32523
4h Supply @ 1.31655
4h Demand @ 1.30214
This analysis is meant to be educational, inspirational and confirming of your own analysis. Trade carefully, trade wisely by managing your risk exposure.
Comment:
USDCAD rallied into daily supply and reacted off it into newly formed demand at 1.31050ish area. Due to the proximity of the demand to the supply outlined, profit margin is just not available. I will watch the move evolve and plan out my next step with this paid. There is a possibility of price heading higher because of the lack of profit margin on the short side.
Comment:
I was being too cautious due to the basing formed on the rally up into the 1.31655 supply, did not take the trade as a result but it worked out anyway for a decent reward risk ratio.
Will look to short 1.32523 4h supply.
Will look to short 1.32523 4h supply.