USDCAD
From my previous analysis on USDCAD, I said the price will move toward the daily supply area, and if the price will able to break the supply area, it might swap to demand zone and continue the move to the upside. And now the price is slowly toward the supply area.
From the institutional point of view, they are bearish bias on CAD, but in today's new report, more long positions were closed than the short closed, 2.6k long closed, and 1.9k short closed. In this case, USDCAD may push to the upside.
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 downside rejection inside the supply area, then we look for another long opportunity, however, if the price break will react to this supply area, it may continue the move to the downside.
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 institutional point of view, they are bearish bias on CAD, but in today's new report, more long positions were closed than the short closed, 2.6k long closed, and 1.9k short closed. In this case, USDCAD may push to the upside.
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 downside rejection inside the supply area, then we look for another long opportunity, however, if the price break will react to this supply area, it may continue the move to the downside.
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.