On this Specific Pair we are looking at a Market that is ranging on the Monthly timeframe, however down to the dayli timeframe, we are clearly on an ascending Channel and we can see that the market created a nice impulse to the upside by breaking the previous resistance that is now turned support and can be considered as our point of entry for this trading setup that aligns perfectly with the 0.618 FIB level as well as a strong historical demand zone. After the market retraces to our entry target we will be observing the 4H timeframe to know if the environment is still bullish and get our confirmation to enter the trade for a nice R/R of 1/3.
From a COT perspective , institution have been closing longs on the CAD and opening short according to the last report which is aligning perfectly with our long setup.
I hope you guys enjoyed this analysis and if you guys have a different opinion make sure to comment and share. Thanks and have a good trading week.
From a COT perspective , institution have been closing longs on the CAD and opening short according to the last report which is aligning perfectly with our long setup.
I hope you guys enjoyed this analysis and if you guys have a different opinion make sure to comment and share. Thanks and have a good trading week.
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