USDCAD 19/04/2020
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. Also, there us a potential Head & shoulders formed in daily time frame. Thus, we may foresee the price to be pushed to the upside.
From the COT perspectives (Order Flow perspectives), 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, the long position opened is more than short position, in this situation, we might think that hedge fund is going to make CAD to be bullish but in the previous data, hedge fund is actually in a bearish action to CAD, thus, the latest data can be explained as a retracement in the market.
In conclusion, we will be monitoring the price action in 4H time frame, because my strategy is "Monthly,Weekly, Daily for direction & 4H for entry."
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.
From the COT perspectives (Order Flow perspectives), 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, the long position opened is more than short position, in this situation, we might think that hedge fund is going to make CAD to be bullish but in the previous data, hedge fund is actually in a bearish action to CAD, thus, the latest data can be explained as a retracement in the market.
In conclusion, we will be monitoring the price action in 4H time frame, because my strategy is "Monthly,Weekly, Daily for direction & 4H for entry."
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.
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.