From the daily perspective, the price was break below the daily structure, but overall it looks still bullish because it seems like creating a HH and HL
From the COT perspective, hedge funds are bullish bias on USD, and bearish on CAD, because they are closing many of short positions on CAD in last few weeks and start added proper shorting on CAD in the latest week, so CAD may become weaker in the following week is expected.
I will be monitoring the 4h price action inside the daily structure if the price break above the daily structure I will be waiting for the retes before going for long, otherwise, price may continue to push to the downside.
Remember, always reacting 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 bullish bias on USD, and bearish on CAD, because they are closing many of short positions on CAD in last few weeks and start added proper shorting on CAD in the latest week, so CAD may become weaker in the following week is expected.
I will be monitoring the 4h price action inside the daily structure if the price break above the daily structure I will be waiting for the retes before going for long, otherwise, price may continue to push to the downside.
Remember, always reacting 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.