Hello Traders,
Here is the Top-Down Analysis of USDCAD (Monthly, Weekly, Daily for direction and 4H for entry) for
Week 46 - Nov 09
M > Market is moving in a range of about 400 pips. Price has dropped to test weekly support 4 times in past 4 months.
W> We see an M formation from June 2020 that price has not completed yet. However to compete the formation price has to break range to the upside. Price tested support again last week.
D > Placing FIB on last bullish impulse we can see that price has dropped till -0.272 Fib level and we can expect a correction to the upside now. We can see an M formation and price can retrace till its neck for correction.
As per COT CAD closed major Long and few Short positions, reducing net positions a bit further. CAD saw huge dump during the said period with price showing some sign of recovery during the later half, however it gained strength last week and is now testing weekly resistance. We can see bearish divergence for CXY and can expect correction soon.
4H > We can see bullish divergence and price has created double bottom at -0.272 Fib level. We expect a pull to the upside and then drop to test monthly support.
Pair Correlation > USDCAD has negative correlation with CADJPY.
This was my Idea and I hope you find it useful. If you find the analysis of help please leave a LIKE and FOLLOW for receiving all updates during the week. In the comment section share your view or ask questions.
Thank You
AP17FX
Here is the Top-Down Analysis of USDCAD (Monthly, Weekly, Daily for direction and 4H for entry) for
Week 46 - Nov 09
M > Market is moving in a range of about 400 pips. Price has dropped to test weekly support 4 times in past 4 months.
W> We see an M formation from June 2020 that price has not completed yet. However to compete the formation price has to break range to the upside. Price tested support again last week.
D > Placing FIB on last bullish impulse we can see that price has dropped till -0.272 Fib level and we can expect a correction to the upside now. We can see an M formation and price can retrace till its neck for correction.
As per COT CAD closed major Long and few Short positions, reducing net positions a bit further. CAD saw huge dump during the said period with price showing some sign of recovery during the later half, however it gained strength last week and is now testing weekly resistance. We can see bearish divergence for CXY and can expect correction soon.
4H > We can see bullish divergence and price has created double bottom at -0.272 Fib level. We expect a pull to the upside and then drop to test monthly support.
Pair Correlation > USDCAD has negative correlation with CADJPY.
This was my Idea and I hope you find it useful. If you find the analysis of help please leave a LIKE and FOLLOW for receiving all updates during the week. In the comment section share your view or ask questions.
Thank You
AP17FX
