USDCAD: Break Hook and Go after NFP!

Couldn't resist not analyzing this setup!

Here it is for educational purposes. Never chase a breakout - Wait for pullbacks to get a more attractive reward-to-risk for your setup.

The trade went like this:

1. CAD labor market numbers strong vs USD labor market numbers weak (13:30 London time)

2. Breakdown on strong selling volume

3. Pullback to important 1.2850 level

4. Liquidity returns on high-volume weak bullish candle (chance for institutional traders to buy CAD at discount price, i.e. short USDCAD . They drain liquidity until the price reaches the 50%-61.8% zone. Yes, it's manipulation.)

5. Now we have a classic "break hook and go" setup with a profit target at the 1.272 Fib extension (reward-to-risk 9:1 if aggressive)

Great trade to close the week!