FX_Trader_Analyst
Short

Bears control USDCAD for upcoming week

FX:USDCAD   U.S. Dollar/Canadian Dollar
Hi everyone!

I would really appreciate any comments or thoughts on this analysis, what are you missing here, if there is anything unclear. Your time is greatly appreciated! Thank you.

With rising Oil             prices CAD has a potential to gain some strength. Price was moving south over last few days and according to the COT report this might have been caused by profit taking and the number of Shorts didn't increase. However number of Longs was reduced so there is less people on the marker buying CAD while at the same time there is not more people selling it.

Price might continue it's trajectory and reach 1.4 psychological level before continue it's long term bullish move. 1.4 level would be also 382 fib retracement of previous strong move while also weekly S2 from previous week.

Entry at current price - stop loss 30 pips - target is 100 pips.
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