From the monthly and weekly perspective, UC is continuing its deeper retracement before it going to the upside, since monthly and weekly shows a bullish impulse correction and expect another impulse to the upside.
From the COT perspective, hedge funds are bearish bias on CAD, more short opened, and no longs open, this implied they are interested in selling CAD instead of buying CAD. So, in this case, USDCAD may push to the upside in the future.
The proper way to approaching this pair is to waiting for the price retest the new structure area, if the price is managed to do this, I will switch to 4h perspective looking for short confirmation, if the 4h will provide to me one of my rules, then I will take a nice short on UC and complete the deeper retracement. Otherwise, the price may break above the previous structure and continue to push to the upside like what I have mentioned in the COT perspective.
Remember, always reactive to the market instead of predictive it, this analysis is based on the technical and COT perspective.
Comment below let me know you thought on UC.
From the COT perspective, hedge funds are bearish bias on CAD, more short opened, and no longs open, this implied they are interested in selling CAD instead of buying CAD. So, in this case, USDCAD may push to the upside in the future.
The proper way to approaching this pair is to waiting for the price retest the new structure area, if the price is managed to do this, I will switch to 4h perspective looking for short confirmation, if the 4h will provide to me one of my rules, then I will take a nice short on UC and complete the deeper retracement. Otherwise, the price may break above the previous structure and continue to push to the upside like what I have mentioned in the COT perspective.
Remember, always reactive to the market instead of predictive it, this analysis is based on the technical and COT perspective.
Comment below let me know you thought on UC.