USDCAD Long Oppurtunity Weekly Outlook
Hello Traders! Today i'm gonna share my USDCAD Trading Idea for this upcoming weekdays. Here are my Analysis on this pair. First lets take a look on the previous and recent COT report. The Commitment Of Traders, To see what they are actually Doing. As we see lastweek they added +5.3k Long and 5k Short giving the total 28k Long and 48k Short, meaning there is more short than long, This is why the USDCAD moves bearish on the past two weeks. However this recent released of COT the CAD added another +3.4k Long and pullout only -200 Short. So what does it mean? In COT Perspective on my opinion the USDCAD will likely to re-test the support level at 1.3350 ~ 1.3310 before to proceed to new high level. Why? Because Shorts is greater than their Long, and still holding it according to latest report. CAD is gather more liquidity to push back the price to support before they will Sell their shorts positions then add their Longs to move the market on new high.
REMARKS; How do we approach this market? We have two options as always.
1) Either Enter Long until it reached the resistance zone at 1.37000 ~ 1.37100 then close it and Open a new position (Short)
2) Wait for CAD to re-test the resistance level before you open your Short order.
Ideal TP 1.34000
Long reversal will be discuss depending on the market situation in the future!
If you like my idea please like and follow my page to get more pairs analysis and keep you updated
REACTIVEFX
REMARKS; How do we approach this market? We have two options as always.
1) Either Enter Long until it reached the resistance zone at 1.37000 ~ 1.37100 then close it and Open a new position (Short)
2) Wait for CAD to re-test the resistance level before you open your Short order.
Ideal TP 1.34000
Long reversal will be discuss depending on the market situation in the future!
If you like my idea please like and follow my page to get more pairs analysis and keep you updated
REACTIVEFX
Related publications
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.