AndreaTheTrader

USDCAD - Down to 1.35900?

Short
OANDA:USDCAD   U.S. Dollar / Canadian Dollar
So last week, my analysis of USDCAD began to play out and I do believe the downward trend will continue after a short-term Bull run as price currently sits just above a Daily OB and 4H Demand Zone, allowing us as spectators of the market to expect Bull reactions to these zones.This short term move is supported with the confluence of price being below the central pivot in the 1D TF and below, suggesting price to be in a buying zone. However, once price rallies into the Daily Supply marked on the chart, I suspect it to fall and continue to fall all the way to 1.359 so that the banks and institutions can collect the 'free money' essentially lying between 1.3500 and 1.35900, allowing price to finally expand after this period of contraction/accumulation.
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