Okay so here’s my take. Again I trade daily or hourly.
Major news fluctuations today,Overall ending was positive for USD… Only slightly. Hit a lot of stop losses and almost hit recent 4hr/1hr swing low. Likely causing a low side liquidity grab. Most likely continuation of short term bullish.
however on 9/9 is the annual non farm payroll news drop. And then 9/10 is PPI month over month. Both for USD. We will see what it is forecasted on day prior. Likely negative especially with Fed considering rate cuts already. If negative we will see it drop past the recent daily swing low and continue over a few weeks down the last swing low about a month ago. Weekly is still bearish. However short term bull seems fine still for a recent 4hr swing high liquidity grab because we never broke the daily recent low. Might not make a new low until news drops for a big impact. But I wouldn’t look for a sell until a 1hr/4hr candle closes below 1.374 which is recent daily swing low. Other recent daily swing low is 1.356. That would be the next area it will go to but might stop half way for a pull back before continuing bearish.
But short term bullish is good unless it closes below 1.374. But if it makes a new high above 1.387 then we have to reconsider only off of a pullback then continuation. Very rare. Other wise it’s likely going to go down.
Overall with the negative news coming up. Negative economic projections and current problems happen, possible rate cuts. It’s probably going to go negative after it goes up a little to grab some liquidity from recent high from 1.385ish.
…Also remember that CAD is highly connected to USOIL. Canada is big exporter for oil. So if oil goes up it may make the CAD stronger only very slightly. But if news makes oil go up aswell. That will really make cad go up. And same with down. But usually news on USOIL only has major affects with CAD. So when news drops this 9/9 and 9/10. Watch what oil does to cause oil affects CAD as they export oil.
Major news fluctuations today,Overall ending was positive for USD… Only slightly. Hit a lot of stop losses and almost hit recent 4hr/1hr swing low. Likely causing a low side liquidity grab. Most likely continuation of short term bullish.
however on 9/9 is the annual non farm payroll news drop. And then 9/10 is PPI month over month. Both for USD. We will see what it is forecasted on day prior. Likely negative especially with Fed considering rate cuts already. If negative we will see it drop past the recent daily swing low and continue over a few weeks down the last swing low about a month ago. Weekly is still bearish. However short term bull seems fine still for a recent 4hr swing high liquidity grab because we never broke the daily recent low. Might not make a new low until news drops for a big impact. But I wouldn’t look for a sell until a 1hr/4hr candle closes below 1.374 which is recent daily swing low. Other recent daily swing low is 1.356. That would be the next area it will go to but might stop half way for a pull back before continuing bearish.
But short term bullish is good unless it closes below 1.374. But if it makes a new high above 1.387 then we have to reconsider only off of a pullback then continuation. Very rare. Other wise it’s likely going to go down.
Overall with the negative news coming up. Negative economic projections and current problems happen, possible rate cuts. It’s probably going to go negative after it goes up a little to grab some liquidity from recent high from 1.385ish.
…Also remember that CAD is highly connected to USOIL. Canada is big exporter for oil. So if oil goes up it may make the CAD stronger only very slightly. But if news makes oil go up aswell. That will really make cad go up. And same with down. But usually news on USOIL only has major affects with CAD. So when news drops this 9/9 and 9/10. Watch what oil does to cause oil affects CAD as they export oil.
