From the technical view:
1. From the weekly point of view, the price was rejected from the strong support area and bounce to the upside as shown on the chart, we can expect a deeper retracement from this area.
2. From the daily point of view, the price was created an overextended M pattern, we can expert the weekly's deeper retracement will retrace to the middle of the M pattern.
From the fundamental views:
1. Big players are huge shifts the bullish interests to bearish interest on CAD in the LT and ST.
2. In the new report, more long and short positions were closed, which means they are not interested in selling/buying the CAD, but in the long term's view, they are having more short positions than the long positions, we still can expect the weak CAD at the moment, and push USDCAD to move to the upside.
How to approach USDCAD?
1. Switch to the lower timeframe and looking for the long opportunity at the moment, if your rules of the strategy are fulfilled.
2. The target can be the daily M pattern as shown on the chart.
The result might not follow my analysis, this analysis is based on the TA & FA perspectives.
Comment down below let me know your view on USDCAD or which pairs you would like to me analyze in the future.
1. From the weekly point of view, the price was rejected from the strong support area and bounce to the upside as shown on the chart, we can expect a deeper retracement from this area.
2. From the daily point of view, the price was created an overextended M pattern, we can expert the weekly's deeper retracement will retrace to the middle of the M pattern.
From the fundamental views:
1. Big players are huge shifts the bullish interests to bearish interest on CAD in the LT and ST.
2. In the new report, more long and short positions were closed, which means they are not interested in selling/buying the CAD, but in the long term's view, they are having more short positions than the long positions, we still can expect the weak CAD at the moment, and push USDCAD to move to the upside.
How to approach USDCAD?
1. Switch to the lower timeframe and looking for the long opportunity at the moment, if your rules of the strategy are fulfilled.
2. The target can be the daily M pattern as shown on the chart.
The result might not follow my analysis, this analysis is based on the TA & FA perspectives.
Comment down below let me know your view on USDCAD or which pairs you would like to me analyze in the future.