Hello Traders,
USDCAD just traded into the daily demand order block and the expectation is that price should continue its bullishness. The expected rally is to take out near-term buy-side liquidity and hunt the weekly buy-side liquidity.
I say this is dicey because the dollar is at a level where a shift from bullish to bearish can happen, but my speculation is that the dollar index still has some bullish steam left in it to continue the rally hence USDCAD rallies.
I will be monitoring this pair to see a CHOCH on the 1-hour timeframe as well as the dollar index before taking any trade.
Follow me for more updates like this.
Cheers,
Jabari
USDCAD just traded into the daily demand order block and the expectation is that price should continue its bullishness. The expected rally is to take out near-term buy-side liquidity and hunt the weekly buy-side liquidity.
I say this is dicey because the dollar is at a level where a shift from bullish to bearish can happen, but my speculation is that the dollar index still has some bullish steam left in it to continue the rally hence USDCAD rallies.
I will be monitoring this pair to see a CHOCH on the 1-hour timeframe as well as the dollar index before taking any trade.
Follow me for more updates like this.
Cheers,
Jabari
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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.