Good afternoon ladies & gents,
USDCAD will most likely start it's Bearish Cycle today and NFP is likely to be the catalyst. After trading up into the Weekly Inflection point, we saw a sharp rejection to the downside. Price has presented us with D1 SMT Divergence allowing DXY to fill the imbalance above and USDCAD has filled the imbalance above whilst not making a new high.
In light of this, I do anticipate a short to occur today (Bearish Sentiment on DXY) and today, it's possible to enter with a stop above the highs.
Many opportunities to enter next week if not today.
Disclaimer: This is my idea, take and execute this idea at your own risk and discretion. Remember to manage your risk appropriate on the off chance that I'm wrong.
-AmplaFX
USDCAD will most likely start it's Bearish Cycle today and NFP is likely to be the catalyst. After trading up into the Weekly Inflection point, we saw a sharp rejection to the downside. Price has presented us with D1 SMT Divergence allowing DXY to fill the imbalance above and USDCAD has filled the imbalance above whilst not making a new high.
In light of this, I do anticipate a short to occur today (Bearish Sentiment on DXY) and today, it's possible to enter with a stop above the highs.
Many opportunities to enter next week if not today.
Disclaimer: This is my idea, take and execute this idea at your own risk and discretion. Remember to manage your risk appropriate on the off chance that I'm wrong.
-AmplaFX
Note
SL moved to BE.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.