As my previous analysis, the price is rejected from the support area perfectly and start to be pushed to upside. I have entered a but entry and start to risk-free my trade.
From the COT perspective, hedge fund has been closing a lot of CAD long positions during the CAD in a downtrend which means the bearish of CAD is because of closing a lot of long positions instead of opening short positions. In the latest data, Hedge Fund have added more short position than long position, which means CAD has a significant direction of bearish in the market. Thus, USDCAD is going to be pushed to upside.
Do drop a comment at the comment section below! We can share our analysis to each other.
Kindly take note that my analysis is based on COT perspectives and technical analysis .
Also, we always reacting to the market instead of predicting the market.
From the COT perspective, hedge fund has been closing a lot of CAD long positions during the CAD in a downtrend which means the bearish of CAD is because of closing a lot of long positions instead of opening short positions. In the latest data, Hedge Fund have added more short position than long position, which means CAD has a significant direction of bearish in the market. Thus, USDCAD is going to be pushed to upside.
Do drop a comment at the comment section below! We can share our analysis to each other.
Kindly take note that my analysis is based on COT perspectives and technical analysis .
Also, we always reacting to the market instead of predicting the market.