USDCAD - Price trading inside strong bearish . Impulse Short entries can be taken once price retest the previous order block / previous low region.
Once price rejects that area, we can look at immediate market execution.
China reopening optimism and dovish Fed expectations offset higher US Treasury yields. With risk flows dominating as China expands the Covid reopening to Shanghai and Hangzhou, a better risk profile and dovish Federal Reserve expectations continue to remain a weight on the US Dollar, despite a big beat on the US Nonfarm Payrolls data. Following the upbeat US payrolls data, markets appear convinced that the Fed’s dovish pivot could help the economy with a ‘soft landing’. The Fed has entered the ‘blackout period’ and, therefore, all eyes now remain on the US ISM Services PMI and Preliminary UoM Consumer Sentiment data.
Potential short entry with following confirmations.
TP - Green Zone
SL - Red Zone
R:R Ratio - 1:3
Once price rejects that area, we can look at immediate market execution.
China reopening optimism and dovish Fed expectations offset higher US Treasury yields. With risk flows dominating as China expands the Covid reopening to Shanghai and Hangzhou, a better risk profile and dovish Federal Reserve expectations continue to remain a weight on the US Dollar, despite a big beat on the US Nonfarm Payrolls data. Following the upbeat US payrolls data, markets appear convinced that the Fed’s dovish pivot could help the economy with a ‘soft landing’. The Fed has entered the ‘blackout period’ and, therefore, all eyes now remain on the US ISM Services PMI and Preliminary UoM Consumer Sentiment data.
Potential short entry with following confirmations.
TP - Green Zone
SL - Red Zone
R:R Ratio - 1:3