I have enter a long position last week at Fib level 0.5 and TP at 1.42555 which is a resistance in Daily time frame. Also, the price had started to reject strongly from the resistance zone in Daily time frame.
Move to COT report, the net position of CAD is decreasing with closing a lot of long positions from previous weeks ago. However in the latest data, hedge fund seems to have interest on buying long position. But still, the strength of CAD is still weaker than USD. In this situation, USDCAD suppose to be bullish due to USD is stronger than CAD. However, hedge fund always willing to buy low sell high, so we may foresee the price will be pushed to the downside first before turn to bullish .
Kindly take note that my analysis is based on COT report and technical analysis .
Also, we always reacting to the market instead of predicting the market.
Move to COT report, the net position of CAD is decreasing with closing a lot of long positions from previous weeks ago. However in the latest data, hedge fund seems to have interest on buying long position. But still, the strength of CAD is still weaker than USD. In this situation, USDCAD suppose to be bullish due to USD is stronger than CAD. However, hedge fund always willing to buy low sell high, so we may foresee the price will be pushed to the downside first before turn to bullish .
Kindly take note that my analysis is based on COT report and technical analysis .
Also, we always reacting to the market instead of predicting the market.