USD/CAD Long Setup – 4H Demand Bounce + Fib Confluence Ahead of Jobless Claims
Looking to long USD/CAD based on a confluence of technical structure and macro catalysts.
Daily Chart:
Yesterday printed a bullish engulfing candle, signaling strong buyer intent and continuation of the broader uptrend.
4H Chart:
Price pulled back into a 61.8% Fibonacci retracement of the recent leg, aligning perfectly with a well-defined 4H demand zone.
Importantly, no 4H candle has closed below the body of the previous bullish engulfing, suggesting buyers are holding control.
Trade Expectation:
Expecting this to be a correction within a trend, not a reversal — looking for a continuation that retests the highs and pushes for a breakout beyond 1.3900.
Fundamental Catalyst:
Today’s U.S. unemployment claims release will be the key driver. A lower-than-expected print could fuel USD strength and send this pair accelerating to new short-term highs.
Target Zone:
First target is a retest of the recent high; extended target is a break above 1.3900, which opens the door to higher timeframe expansion.
Stop: Just below the 4H demand zone, respecting the structural invalidation of the Fib level.
This is a clean trend-continuation play with both technical alignment and fundamental tailwinds.
Looking to long USD/CAD based on a confluence of technical structure and macro catalysts.
Daily Chart:
Yesterday printed a bullish engulfing candle, signaling strong buyer intent and continuation of the broader uptrend.
4H Chart:
Price pulled back into a 61.8% Fibonacci retracement of the recent leg, aligning perfectly with a well-defined 4H demand zone.
Importantly, no 4H candle has closed below the body of the previous bullish engulfing, suggesting buyers are holding control.
Trade Expectation:
Expecting this to be a correction within a trend, not a reversal — looking for a continuation that retests the highs and pushes for a breakout beyond 1.3900.
Fundamental Catalyst:
Today’s U.S. unemployment claims release will be the key driver. A lower-than-expected print could fuel USD strength and send this pair accelerating to new short-term highs.
Target Zone:
First target is a retest of the recent high; extended target is a break above 1.3900, which opens the door to higher timeframe expansion.
Stop: Just below the 4H demand zone, respecting the structural invalidation of the Fib level.
This is a clean trend-continuation play with both technical alignment and fundamental tailwinds.
Trade closed manually
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.
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.