USDCAD Analysis:
USDCAD has been trending strongly upwards over the past 3 months, with price action indicating a potential push towards the weekly high to seek liquidity. Notably, the previous resistance level has flipped into support, providing a bullish foundation.
From a fundamental perspective, the latest COT report reveals that non-commercials are aggressively selling their Canadian dollar positions. Given the USD/CAD pairing, a weaker CAD suggests further upside potential. As a result, we may witness more explosive moves to the upside in the USDCAD pair.
From a fundamental perspective, the latest COT report reveals that non-commercials are aggressively selling their Canadian dollar positions. Given the USD/CAD pairing, a weaker CAD suggests further upside potential. As a result, we may witness more explosive moves to the upside in the USDCAD pair.
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