M15 Intraday on USDCAD (repost)
Updated
*REPOST*
(Previous one got removed)
Update: Price retraced into the range closer to 50MA. I will be dropping down to M15 charts to find a trade setup.
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With the upsurge move we’ve seen last Friday, it seems the uptrend for USDCAD seems decisive enough for me to confidently want to position myself as a buyer.
At this juncture however, I will be waiting for prices to retrace much closer to perhaps the 50MA and subsequently use the M15 trading setup for this particular trade. I will update if there is a favourable buy setup at a later time.
More on what caused the move last Friday:
The U.S. Dollar increased last Friday primarily due to stronger-than-expected economic data in the U.S. and Europe, which highlighted persistent inflationary pressures. This reinforced expectations that central banks, particularly the Federal Reserve, may maintain higher interest rates for longer. The release of positive U.S. PMI (Purchasing Managers' Index) data suggested that the economy remains resilient, which supported the dollar's strength as traders speculated on fewer or delayed rate cuts by the Fed.
Additionally, the market was anticipating the U.S. Personal Consumption Expenditures (PCE) inflation report, a key measure of consumer prices, which added to the demand for the dollar as investors positioned themselves ahead of this potentially market-moving data
(Previous one got removed)
Update: Price retraced into the range closer to 50MA. I will be dropping down to M15 charts to find a trade setup.
--------------------------
With the upsurge move we’ve seen last Friday, it seems the uptrend for USDCAD seems decisive enough for me to confidently want to position myself as a buyer.
At this juncture however, I will be waiting for prices to retrace much closer to perhaps the 50MA and subsequently use the M15 trading setup for this particular trade. I will update if there is a favourable buy setup at a later time.
More on what caused the move last Friday:
The U.S. Dollar increased last Friday primarily due to stronger-than-expected economic data in the U.S. and Europe, which highlighted persistent inflationary pressures. This reinforced expectations that central banks, particularly the Federal Reserve, may maintain higher interest rates for longer. The release of positive U.S. PMI (Purchasing Managers' Index) data suggested that the economy remains resilient, which supported the dollar's strength as traders speculated on fewer or delayed rate cuts by the Fed.
Additionally, the market was anticipating the U.S. Personal Consumption Expenditures (PCE) inflation report, a key measure of consumer prices, which added to the demand for the dollar as investors positioned themselves ahead of this potentially market-moving data
Trade closed: target reached
🚀🚀 Two successful runs on USDCAD! I will make a separate post to delve deeper into the trades we took. 
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