is this a reversal on USDCAD?
USDCAD / 1H
After breaking a key resistance level the price of USDCAD
showed great weakness showing great signs of reversing. Yet,
the price seems to reject the 0.618 Fib level, giving us a
local bullish bais.
traders are now 77% net-short USDCAD for the first time since
Aug 23, 2021, when USDCAD traded near 1.27.
Traders are further net-short than yesterday and last week,
and the combination of current sentiment and recent changes
gives us a stronger USDCAD-bullish contrarian trading bias.
We still have to get some fundamental confirmation, the reason is
80% of reversals trades fail.
After breaking a key resistance level the price of USDCAD
showed great weakness showing great signs of reversing. Yet,
the price seems to reject the 0.618 Fib level, giving us a
local bullish bais.
traders are now 77% net-short USDCAD for the first time since
Aug 23, 2021, when USDCAD traded near 1.27.
Traders are further net-short than yesterday and last week,
and the combination of current sentiment and recent changes
gives us a stronger USDCAD-bullish contrarian trading bias.
We still have to get some fundamental confirmation, the reason is
80% of reversals trades fail.
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