From the chart, we can see that price has perfectly rejected from a Daily/Weekly resistance and been pushed to the downside. Currently, price has been pushed to the zone which is a "Resistance turns to support" zone. Thus, we may foresee the price to be pushed to the upside at this area.
Move to COT report, hedge fund has been closing a lot of CAD long positions during the CAD in a downtrend which means the bearish of CAD is because of closing a lot of long positions instead of opening short positions. In the latest data, hedge fund continuously closed a lot of long positions than short positions. In this situation, we foresee USDCAD will be pushed to the upside. Will wait for buy signal in 4H time frame. However, if the price doesn't hold at the support area and break through the area, we have to react to the market accordingly.
Do drop a comment at the comment section below! We can share our analysis to each other.
Kindly take note that my analysis is based on COT perspectives and technical analysis .
Also, we always reacting to the market instead of predicting the market.
Move to COT report, hedge fund has been closing a lot of CAD long positions during the CAD in a downtrend which means the bearish of CAD is because of closing a lot of long positions instead of opening short positions. In the latest data, hedge fund continuously closed a lot of long positions than short positions. In this situation, we foresee USDCAD will be pushed to the upside. Will wait for buy signal in 4H time frame. However, if the price doesn't hold at the support area and break through the area, we have to react to the market accordingly.
Do drop a comment at the comment section below! We can share our analysis to each other.
Kindly take note that my analysis is based on COT perspectives and technical analysis .
Also, we always reacting to the market instead of predicting the market.