UsdCad (Day Trading Hourly Setup)

All setups should have at least a 1:2 Risk and Reward set up. With UsdCad trading you should trade only during London NY overlap and/or just NY- why? related to high liquidity and volume at that time.

Questions to ask yourself when trading UsdCad are:

1) What does monthly, weekly, daily and 4 hour charts look like?
2) Any moderate to major news events? fundamental...
3) is DXY strong or weak?
4) is OIL strong or weak?
5) Where is price action on daily time frame concerning the Master Forex pattern?
6) is price action breaking support and or resistance areas? Asia ranges a lot.
7) any chart patterns? pinbars, inside bar or engulfing showing up on trading chart?

Note:

If you trade Sydney session: AUD, NZD best pairs
If you trade Tokyo session: JPY best pairs
If you trade London session: GBP, EUR, CHF best pairs
If you trade NY session: USD, CAD best pairs, plus OIL, GOLD