EURCAD
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- Currently the EUR/CAD is Selling off, looking to retest a recent low at 1.54270
- Tomorrow the CFTC will release this weeks COT data report and upon analyzing it, we can have a better idea of the direction that price action is heading. ** I will update this analysis once the report comes out**
- If we can see a strong support around the recent low, we can expect bullish continuation which would help shift the MACD above the 0 level as well as crossing the Signal and MACD SMA lines back up indicating bullish action
Comment:
As of now the Euro closed 10,598 Long positions and added 3,210 from 9/29/20 - 10/6/20 signifying that the EUR is growing weaker as the number of Non-commercial shorts increase and the number of longs decrease.
Order cancelled:
Price action failed to find support at our optimal target.