SMC TRADING ANALYSIS ON USDCAD

16 Nis 2022

Market has just respected a 4HR demand zone that had caused huge bullish momentum in the market which provides the confluence that the market will continue a downtrend. Currently on the 1HR TF, I have just identified an that is unmitigated that has been confirmed with a FIB that gives more confluence to this setup which confirms the OB to be possibly hit before continuing down towards the bottom. Also on the 1HR TF, a bullish flag is being formed with the top containing liquidity which adds more confluence to this setup also. My final piece of confluence is the bearish imbalance/FVG near the OB that is yet to be completely filled by the market. The target of the trade is the nearest HTF low that hasnt been taken out yet and im currently awaiting a BOS of the current high on the 1HR TF.