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We can decide to go short on UCAD based on the following:
- The price @1.125 is a key S/R level and price has broken and closed below it on Friday and opened below it today;
- CAD is strengthening across board as a result of the fundamental release on Friday and that can drive UCAD down more;
- USD is retreating from its recent top and can be seen impacting on ***USD, pushing them upside and USD*** dropping.
This bearish bias may not last, may be some sort of retracement as UCAD is just returning back upside from a long-term
bearish move that found a multiyear support recently. So, we can only see how it plays out.
DISCLAIMER: Please note that this is not an investment advice for anybody to run or undertake; It is for
educational purposes only and they are my personal views on this assets. If anything goes south, I am not liable.
Also, know that Forex is a high risk and reward business. So, do not trade with borrowed money or the one you
can not afford to lose.
We can decide to go short on UCAD based on the following:
- The price @1.125 is a key S/R level and price has broken and closed below it on Friday and opened below it today;
- CAD is strengthening across board as a result of the fundamental release on Friday and that can drive UCAD down more;
- USD is retreating from its recent top and can be seen impacting on ***USD, pushing them upside and USD*** dropping.
This bearish bias may not last, may be some sort of retracement as UCAD is just returning back upside from a long-term
bearish move that found a multiyear support recently. So, we can only see how it plays out.
DISCLAIMER: Please note that this is not an investment advice for anybody to run or undertake; It is for
educational purposes only and they are my personal views on this assets. If anything goes south, I am not liable.
Also, know that Forex is a high risk and reward business. So, do not trade with borrowed money or the one you
can not afford to lose.