Even thought USD/CAD PA is suggesting that we may be developing a swing high in place which is also supported by the seasonality cycle, you can read more about the seasonality tendencies of USD/CAD here: Jun FX Seasonal Pattern
USD/CAD has a strong pattern to sell of during the month of Jun, weakness that caries on all the way through July where we establish a major bottom. However despite this I took a long trade based on the short term PA, because I had the momentum in my favor. Also the timing of the trade was very important because I entered long right ahead of New York session open.
It was an intraday play as my target was the London session high as I was expecting a stop hunt to trigger the stops of those who where selling during the London session.
Best Regards,
Daytrader21
USD/CAD has a strong pattern to sell of during the month of Jun, weakness that caries on all the way through July where we establish a major bottom. However despite this I took a long trade based on the short term PA, because I had the momentum in my favor. Also the timing of the trade was very important because I entered long right ahead of New York session open.
It was an intraday play as my target was the London session high as I was expecting a stop hunt to trigger the stops of those who where selling during the London session.
Figure 1. USD/CAD 15 Minute Chart
Best Regards,
Daytrader21
