From the weekly perspective, price is creating an impulse followed by a correction, and expect new impulse to the upside. And from the daily perspective, price is rejected from the strong structure area right now, but now it faces a bearish trendline right now if the price manages to break this trendline, further upside is expected.
From the COT perspective, hedge funds are still bearish bias on CAD, and from the longer-term perspective, the total of short positions (58k) is greater than the total of long positions (23k), and they were added another 8.9k of the short positions in the latest week. in this case, may see CAD become weaker, and USDCAD will push to the upside.
The proper way to approaching this pair should be waiting for the daily price break and close above the trendline I identify just now if the price manages to do it and retest the strong structure, then we can confirm the bullish environment starting and switch to 4H to monitoring the long confirmation, if there have shown one of the valid rules of me, I will take a nice long on UC with a good risk-reward. Otherwise, UC may reject from the trendline, and continue to push to the downside.
Remember, always react to the market instead of predicting the market, this analysis is based on technical and COT perspective.
Comment down below and let me know your thought.
From the COT perspective, hedge funds are still bearish bias on CAD, and from the longer-term perspective, the total of short positions (58k) is greater than the total of long positions (23k), and they were added another 8.9k of the short positions in the latest week. in this case, may see CAD become weaker, and USDCAD will push to the upside.
The proper way to approaching this pair should be waiting for the daily price break and close above the trendline I identify just now if the price manages to do it and retest the strong structure, then we can confirm the bullish environment starting and switch to 4H to monitoring the long confirmation, if there have shown one of the valid rules of me, I will take a nice long on UC with a good risk-reward. Otherwise, UC may reject from the trendline, and continue to push to the downside.
Remember, always react to the market instead of predicting the market, this analysis is based on technical and COT perspective.
Comment down below and let me know your thought.