Rather than write out a lengthy explanation for this trade, I decided to include a video break down in my Weekend Review video which will be out on YouTube tonight. The video typically takes a good amount of time to produce and upload so I decided to share this chart before it's completion.
Analysis was performed on the 240m with the reason for entry occurring on the lower timeframes. A lot is going on here, but at the end of the day it's simply a price action and structure based trade.
*I'll edit the description box with the video link as soon as it's available.
I must say that I find it quite difficult to trade this one as it's so intimately linked to the oil prices and that the BOC seems to be ready to do anything it takes to fire up inflation in Canada
It's more of a statement than a question since you've already answered "A lot is going on here, but at the end of the day it's simply a price action and structure based trade. " Beside "harder" teaches more than easier I guess !
Thank you for the chart !