Volume Profile, Supply/Demand, entry levels

USD CAD

1.2820/2840 area provides demand stopping the move down from 1.32
There has been a quick move towards the 1.28 to reach as low as 1.2770 but price was quickly rejected


zooming IN, I see there's a clear attempt to hold the support with a 2 days consolidation above the 2820-2840
Important key level becomes the 1.2800 (monday's POC)


The instrument is highly correlated with OIL. If OIL will go lower and breake the 90 key level (probable for what I see) there will certainly be a push up in USD CAD to approach 1.29

Today + tomorrow there are important data both for USD and CAD.
If everything correlates (OIL down + USD stronger or stable + CAD weaker) we'll see this price 300pips higher by the end of the week.

On the other side, in case of failure of everything, price could move far lower to approach 1.26 and 1.25 areas

SO

I bought it 1.2840 with a tight stop 1.2790 and target 1.31
A small position to be increased step by step IF and WHEN fundamentals correlate.

more details

if I see a bearish breake of the lower orange area (2820/40) I will cut the long trade no matter what, and wait to see if another setup appears
For the bullish side, a breake above the 1.2850 would be a good sign of bullishness to reach at least again the 1.29


1.2900 is current week high
1.2930 is monthly pivot + last week's high
1.2980 is key level before the 1.30

OIL still bouncing on 90
nearest resistance is (for what I see) previous support 92/93 area

I hope it will finally breake down and stop this madness
Maybe we'll have to wait a bit more.....

At this moment, reaction near 90 is a complete different version compared with previous low the 14th July.

Holding my trade in usd cad since not clear breakout of support area 2820/40.

Ok things look better.
Moving stop @be.

If 2850 is conquered by bulls will be protected so any move lower could mean supply overcomes and I don't want to find me in loss.

Missed my stop by less than 1 pip.
Been lucky

what's going on ???
started so well.
The resonance of traders with a market profile is not as strong in FF.