From the technical view:
1. From the weekly perspective, the price still rejected with the strong support area with the long rejection wick, we can expect a continuation to the upside in the short term, a.k.a deeper retracement.
3. From the daily perspective, the price created a fake breakout to the upside and closed back below the support level, if the next daily candle will create an equal high with the previous leg, we can expect the formation of the right shoulder and push the price to the upside, a.k.a. IHNS pattern.
From the fundamental view:
1. Big players are bearish bias on CAD in the LT and ST.
2. In the new report, more long and short positions were closed, around 12k long closed and 1.9k short closed. Net position from -16k becomes -23k at the moment. So, we can expect the weakness to arise on the CAD and push USDCAD to the upside.
How to approach USDCAD?
1. Waiting for the IHNS pattern complete, then switch to the lower timeframe looking for the long opportunity if your rules of the strategy are fulfilled and targeting the daily target, a.k.a the middle of the M pattern.
2. Only the lower timeframe provides the bullish sign and the valid entry then we only allow go for the long, otherwise the price can continue to move to the downside since we still inside the bearish market on the USDCAD.
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 perspective, the price still rejected with the strong support area with the long rejection wick, we can expect a continuation to the upside in the short term, a.k.a deeper retracement.
3. From the daily perspective, the price created a fake breakout to the upside and closed back below the support level, if the next daily candle will create an equal high with the previous leg, we can expect the formation of the right shoulder and push the price to the upside, a.k.a. IHNS pattern.
From the fundamental view:
1. Big players are bearish bias on CAD in the LT and ST.
2. In the new report, more long and short positions were closed, around 12k long closed and 1.9k short closed. Net position from -16k becomes -23k at the moment. So, we can expect the weakness to arise on the CAD and push USDCAD to the upside.
How to approach USDCAD?
1. Waiting for the IHNS pattern complete, then switch to the lower timeframe looking for the long opportunity if your rules of the strategy are fulfilled and targeting the daily target, a.k.a the middle of the M pattern.
2. Only the lower timeframe provides the bullish sign and the valid entry then we only allow go for the long, otherwise the price can continue to move to the downside since we still inside the bearish market on the USDCAD.
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.