Hello Traders,
*The Fundamentals:
- GDP Growth: (USD: 2.7% / CAD: -0.1%)
- Inflation: (USD: 6.0% / CAD: 5.9%)
- Unemployment: (USD: 3.6% / CAD: 5.0%)
- Interest Rates: (USD: 4.75% / CAD: 4.5%)
The Fundamentals numbers are slightly in the favor of the USD.
*Sentiment:
-COT Report: shows /64.9%/ of the institutional Future open contracts are long on the USD, while /26.9%/ are long on the CAD.
This favors the USD over the CAD.
- Retail Sentiment: 82% of retail traders are short, which is another good factor, because most of the time the crowd are on the wrong side of the move.
Technical:
The Price is in a good and healthy downtrend with lower lows and lower highs, made a retracement to the /0.618/ fib zone which is a resistance level as well. This gives a good risk to reward ratio.
Trade Safe !
*The Fundamentals:
- GDP Growth: (USD: 2.7% / CAD: -0.1%)
- Inflation: (USD: 6.0% / CAD: 5.9%)
- Unemployment: (USD: 3.6% / CAD: 5.0%)
- Interest Rates: (USD: 4.75% / CAD: 4.5%)
The Fundamentals numbers are slightly in the favor of the USD.
*Sentiment:
-COT Report: shows /64.9%/ of the institutional Future open contracts are long on the USD, while /26.9%/ are long on the CAD.
This favors the USD over the CAD.
- Retail Sentiment: 82% of retail traders are short, which is another good factor, because most of the time the crowd are on the wrong side of the move.
Technical:
The Price is in a good and healthy downtrend with lower lows and lower highs, made a retracement to the /0.618/ fib zone which is a resistance level as well. This gives a good risk to reward ratio.
Trade Safe !
Note
I made a mistake in the description of the trade. The trade is in a good and healthy UPTREND with higher highs and higher lows.Note
Here is another long entry if you missed the first one:Note
The price went back to the resistance level and bounce back up with a strong 4H candle.Note
The FED increase the interest rate by 25bps .. The level of /1.36460/ shows a good support and the price bounce back up.
Note
The Price couldn't break the support level, and bounce back up with a long 4H candle, It is an opportunity to buy now if you haven't join with the initial entry Trade closed manually
I closed the trade on Break-even
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.