The USD/CAD is sitting at a critical support level in its rectangular trading range. The VRVP (Volume-Weighted Average Price) shows strong institutional interest right here, and the COT reports suggest leveraged traders aren't aggressively buying USD. This points to a potential bounce or consolidation zone. The daily chart and hourly timeframe are both showing similar signs - we're at a key support where smart money seems to be positioning themselves. It's a classic setup where the market is potentially setting up for a move, but waiting for a clear catalyst.
The key is watching how price respects this support level and looking for confirmation of either a bounce or a breakdown. i would want to see a solid rejection of these lower prices or a clean break below.
if not the range will confirm for now
The key is watching how price respects this support level and looking for confirmation of either a bounce or a breakdown. i would want to see a solid rejection of these lower prices or a clean break below.
if not the range will confirm for now
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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.