USDCAD UPDATE!!!
From my previous analysis on USDCAD, I said the price may looking for the weekly support then reject it and push to the upside, and the first target can be the daily supply zone area. As you can see, price did it and now pushing toward the daily supply zone.
From the hedge funds point of views, they are bearish bias on CAD, but in today new report, their interest might start shifting to the bullish bias. New long added (2.5k), and massive short close (5.7K), this can result CAD become strong and USDCAD push to the downside.
The proper way to approaching this pair is to wait for the price reach the daily supply area if there will show to us some rejection inside the supply area, then we look for another short opportunity, however, if the price break above this supply area, the supply area might swap to the demand area, then we will react to the new market structure.
The result might not follow my analysis, and this analysis is based on the technical and COT perspective.
Comment below let me know your views on USDCAD.
From the hedge funds point of views, they are bearish bias on CAD, but in today new report, their interest might start shifting to the bullish bias. New long added (2.5k), and massive short close (5.7K), this can result CAD become strong and USDCAD push to the downside.
The proper way to approaching this pair is to wait for the price reach the daily supply area if there will show to us some rejection inside the supply area, then we look for another short opportunity, however, if the price break above this supply area, the supply area might swap to the demand area, then we will react to the new market structure.
The result might not follow my analysis, and this analysis is based on the technical and COT perspective.
Comment below let me know your views on USDCAD.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.