Short-time reversal opportunity

24 juin 2023

USDCAD is in a clear downtrend. No one seemed to be able to counter the buzzing bears lately. Recently, speculators have significantly increased their short positions - perhaps too late. It is to be expected that the late bears will first be thrown out of the market before the downward trend continues. I expect a further fall to the blue order block. There is a long entry opportunity for a short-time reversal there. It is unclear whether a sustainable trend change will occur afterwards.