As you are aware we posted an analysis of USDCAD on the 31st of March which is in conjunction to this analysis. (See related idea.)
However, Non-Farm Payrolls on Friday 5th April 2019 is forecasted to be 180K more than previous months of 20K; we believe the the NFP can possibly be larger than 20K but less than 180K. Therefore, we have three levels of entries anticipated. Level two or three being most anticipated. We can expect price to retest the higher levels of 1.33600-1.33900 before NFP is released.
1) If NFP is positive then we can expect price to create a triple top formation on the H4 window at price 1.3400-1.3450 before a short setup presents itself.
2) If NFP is negative then we can anticipate a drop from the current live price at the time of release; we estimate around the region of 1.33850-133900.
3) If price breaches and closes above the double top resistance of 1.3450 then the trade setup is no longer valid.
4) If price breaches and closes with bearish PA confirmation below current support of 1.33050 then a live short execution can be anticipated with stops around or above 1.34100 and target of 1.31500.
Interim short term buy setups can be anticipated; cutting profits at 75% of the target level.
Therefore, it is crucial in anticipating a consistent stop loss of 1.34925.
POTENTIAL TRADE SETUP - Update will be Provided
Ideal Entry: 1.33850 (will be updated depending on Price Action)
Management Target: 1.33050
Take Profit 1: 1.32400
Take Profit 2: 1.31500
Stop Loss: 1.34925 (Stops can be adjusted to your risk management)
However, Non-Farm Payrolls on Friday 5th April 2019 is forecasted to be 180K more than previous months of 20K; we believe the the NFP can possibly be larger than 20K but less than 180K. Therefore, we have three levels of entries anticipated. Level two or three being most anticipated. We can expect price to retest the higher levels of 1.33600-1.33900 before NFP is released.
1) If NFP is positive then we can expect price to create a triple top formation on the H4 window at price 1.3400-1.3450 before a short setup presents itself.
2) If NFP is negative then we can anticipate a drop from the current live price at the time of release; we estimate around the region of 1.33850-133900.
3) If price breaches and closes above the double top resistance of 1.3450 then the trade setup is no longer valid.
4) If price breaches and closes with bearish PA confirmation below current support of 1.33050 then a live short execution can be anticipated with stops around or above 1.34100 and target of 1.31500.
Interim short term buy setups can be anticipated; cutting profits at 75% of the target level.
Therefore, it is crucial in anticipating a consistent stop loss of 1.34925.
POTENTIAL TRADE SETUP - Update will be Provided
Ideal Entry: 1.33850 (will be updated depending on Price Action)
Management Target: 1.33050
Take Profit 1: 1.32400
Take Profit 2: 1.31500
Stop Loss: 1.34925 (Stops can be adjusted to your risk management)
