USDCAD MARKET ANALYSIS

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 Good evening traders, I hope you're all doing well and okay as the market week ends today with the Non-Farm Payroll report release during NY session which I'll dig deeper into it later. Into the markets, USDCAD price rallied to supply on H1 & H4 at 1.31667 & 1.31126 which is the origin of the previous drop to the lows of 1.27900. Price filled the H4 & daily range from supply to demand at 1.27835 & 1.27382 and back to supply. Took sell entries yesterday during London session at 1.31680 with SL at 1.32000. Setup taken is a rally base drop, a reversal setup. 
Price faked out a drop followed by a large bullish spike on H1 & H4 that showed a break of supply hence almost invalidating my setup as price formed candle close above supply and close to my SL. However, the next candle that formed is a strong bearish candle on H1 & H4 that dropped price back to entry after the fake out.






Price faked out another drop then caused a liquidity grab that took out my entries, formed a strong rejection wick then eventually dropped. Price formed a new level of supply on H1 & H4 at 1.31907 & 1.31667 where it reversed from. Took sell re-entries during London session at 1.31370 with SL at 1.31670. Setup taken is a rally base drop, a reversal setup.
Price dropped 70 pips to the next H1 low at 1.30750, failed to break the low then reversed and rallied back to supply.




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