Premarket Prep USDCAD 05072020

This is my pre­mar­ket prep for today’s Euro­pean ses­sion for the Forex pair USDCAD. This prep builds off of my week­ly trade plan I made here:

The pur­pose of a pre­mar­ket prep is to find setups with­in my week­ly trade plan bias.

Non-con­jec­ture obser­va­tions of the market

• D1 retest of D1 QHi yes­ter­day with a strong move with­in Sup­ply ZOI
• Test­ing H4 Sup­ply ZOI 1.41635–1.41967 (D1/H4 QHi + week­ly sup­ply con­ter­mi­nous 1.4158) after some con­ges­tion. Strong move away from lev­el with a nor­mal for­ma­tion sup­ply. No demand ZOI for congestion.
• M30 show­ing uptrend yes­ter­day, but pushed back into KC and below VWAP after reject­ing D1/H4 QHi + H4/W1 con­ter­mi­nous supply
  • Trad­ing above M30 Demand ZOI 1.41230 cre­at­ed yesterday
• Mar­ket Profile
  • AS opened above PVA and range then trad­ed down from yesterday’s high 1.41734 near­ing Lon­don range high

Sen­ti­ment — Bearish

Pos­si­ble Trade loca­tions ‑Short

• Week­ly Con­ter­mi­nous Sup­ply 1.4158 & H4 Con­ter­mi­nous Sup­ply 1.4163
• Break down M30 Demand ZOI 1.41230 (but this coin­cides with area around PVAH 1.40841 so not sure if this is a good trad­ing location)
• Retest M30 VWAP 1.41384