June Homework – USDCAD

Weekly Chart Highlights

The most recently closed weekly bar was down and closed below immediate support. As of Wednesday June 3, price has continued to move further down for USDCAD. I will have to wait for the close on Friday to determine if support may hold – will help determine next weeks direction.

• Price broke through 2019 high and past 0.618 Fibonacci, but only the close of the bar will suggest if level breached.
• Weekly 21, 50 and 100 EMA aligned bullish, but price is below 21 EMA
• Price broke well past weekly 21 EMA and hovering around weekly 50 EMA
• Some confluence of support at 0.7861 and 100 EMA levels

June weekly chart – update once a week. Used to determine key levels

News Items

• Bank of Canada Interest Rate Statement – Wed June 3rd
• USD NFP – Fri Jun 5th
• USD FOMC – Wed June 10th

Daily Chart Highlights

• From weekly chart, identified resistance structure, daily bar has 2 closes in the red rectangle
• EMA Alignment: 21 above 100 and 100 above 200; aligned bullish, but price is below 200 EMA
• 21 EMA broken below immediate support but has not crossed 100 EMA
• BoC rate announcement Wednesday, so far, no impact
• Be aware, NFP is Friday

Day chart – used to generate trade ideas and direction

Hourly Chart Highlights

• EMA Alignment: 21 below 100, 100 below 200
• All week, prices has moved down, almost no retrace
• Fib 50% retrace just below previous support low

Hourly chart – trade execution level

Wed Jun 3rd

• Open trade executed 11AM, Wed Jun 3
• On 3rd attempt into red rectangle area, open buy trade
• Profit target, Wed high. About 3 to 1
• Stop loss area below red rectangle, EMA’s currently aligned bearish – 10PM stop loss moved break even