USDCAD A Perfect Long Entry
Updated
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
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