USDCAD ANALYSIS

Hello traders, last week has been quite a week in the financial markets and here are some of the insights I had for last week:

USDCAD price rallied to a major supply level on H4 and daily chart at 1.30508 & 1.30134 which is the origin of the previous drop to demand level at 1.25300. Price filled the major range from supply to demand and back to supply. Price faked out a break of supply but on H4 price formed  a strong rejection wick, candle closes inside supply followed by a drop in price. Took sell entries on 20th June (Monday) during London session at 1.30004 with SL at 1.30380.
Setup taken was  a rally base drop, a reversal setup.

Price gained momentum first dropping to 1.29874, retraced to retest supply then dropped confirming the bearish sentiment. Price has dropped 80 pips to 1.29241 as it approaches the 1st low on H1 at 1.28645 and still showing more bearish potential hence continuation of the shorts. Price dropped 100 pips to the 1st low at on H1 & H4 at 1.29051 then rallied back to supply filling the first minor range from supply to demand and back to supply. Price dropped again from 1.29909 back to demand showing there's still more bearish potential expected as price gets back to demand level on H1 & H4 1.29032 & 1.28683, failed to break demand and rallied back to supply. Price formed a ranging market throughout the week, ranging between the supply and demand levels. Price eventually dropped on Friday 24th June, gaining momentum during NYSE, dropping 110 pips back to demand, closing the week inside demand with price at 1.28937. Still holding the trade even during the weekend as I anticipate price to go lower into next week.