USDCAD Technical and Order Flow Analysis
Updated
Technical Analysis
Let do a complete breakdown to see what the market give us
https://www.tradingview.com/x/YuBg2Be7/
From the above weekly timeframe after the price brokeout the trendline and support level the price has come back to that level serving as a resistance level. Also the price has retraced at the 60 fib level so due to this the price is likely to come down.
https://www.tradingview.com/x/IoeySovI/
From the daily timeframe the price is likely to move up and test the resistance trendline and if that happens, look for shorting setup on the lower timeframe and go short.
Order Flow Analysis
Let us see what the commercial traders and the hedge funds are doing. From that we can see that they are shorting the dollar and that makes the Canadian dollar strong .
Net position is moving from the 20k to 372.
So this confirms why price is shifting to the downward side.
DISCLAIMER: This analysis can change anytime without notice and it's only for the purpose of assisting traders to make independent investments decisions. Please this is a PREDICTION and I have no reason to acts on it and neither should you
Let do a complete breakdown to see what the market give us
https://www.tradingview.com/x/YuBg2Be7/
From the above weekly timeframe after the price brokeout the trendline and support level the price has come back to that level serving as a resistance level. Also the price has retraced at the 60 fib level so due to this the price is likely to come down.
https://www.tradingview.com/x/IoeySovI/
From the daily timeframe the price is likely to move up and test the resistance trendline and if that happens, look for shorting setup on the lower timeframe and go short.
Order Flow Analysis
Let us see what the commercial traders and the hedge funds are doing. From that we can see that they are shorting the dollar and that makes the Canadian dollar strong .
Net position is moving from the 20k to 372.
So this confirms why price is shifting to the downward side.
DISCLAIMER: This analysis can change anytime without notice and it's only for the purpose of assisting traders to make independent investments decisions. Please this is a PREDICTION and I have no reason to acts on it and neither should you
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