USDCAD on its way to retest high?
Updated
related monthly chart
time in UTC+8
three white soldiers on 4 hr
CAD unemployment rate soon
stoch rsi hidden bullish divergence from 25 Sept 2024 -> trend continuation
current fundamentals still support USD and CAD unlikely to strengthen
retest of monthly high (either break or reverse monthly high to be retested)
trump reelected, uncertainties surrounding his policies make managed funds unlikely to bet on a high beta commodity currency like CAD for now where there are so many other alternatives.
retail are HUGE USDCAD shorters, ain't no free money like that!
yesterday was unable to create lower low on daily.
price currently bounced from various previous major daily swing highs, one can possibly say daily resistance retested and turned support and USDCAD on its way to retest monthly resistance
bounced from channel dated back from 25 sept 2024 swing low, currently at bottom range of channel, good for longs for a range trade Friday as major news begin to settle and investors reassess upcoming risks
successful break through of multiple vwap resistance with momentum at asian sesh
etc
What yall think?
time in UTC+8
three white soldiers on 4 hr
CAD unemployment rate soon
stoch rsi hidden bullish divergence from 25 Sept 2024 -> trend continuation
current fundamentals still support USD and CAD unlikely to strengthen
retest of monthly high (either break or reverse monthly high to be retested)
trump reelected, uncertainties surrounding his policies make managed funds unlikely to bet on a high beta commodity currency like CAD for now where there are so many other alternatives.
retail are HUGE USDCAD shorters, ain't no free money like that!
yesterday was unable to create lower low on daily.
price currently bounced from various previous major daily swing highs, one can possibly say daily resistance retested and turned support and USDCAD on its way to retest monthly resistance
bounced from channel dated back from 25 sept 2024 swing low, currently at bottom range of channel, good for longs for a range trade Friday as major news begin to settle and investors reassess upcoming risks
successful break through of multiple vwap resistance with momentum at asian sesh
etc
What yall think?
Note
Broke triple vwap resistance, strong momentum
Idea starting price and current price 20+ pips
Trade closed: target reached
1.39181 end
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