This pair must be treated as bearish until we start to see new structure emerge. I have marked the level of interest that I will be monitoring to see whether it gets respected (sells) or broken (buys), until then we must remain patient and sit on our hands.
According to COT Data Source - 79% are long
According to IG Client Sentiment - 66% are long
We can see in the chart price failed to break through support and was pushed to its next support level where it fell through.
I am waiting for price to break through the area before buying to my initial target
We can also look for an additional buy opportunity at the previous support (now resistance) level
Good Afternoon everyone,
I have broken down the USCAD setup i will be looking to take when the trade confirmations are meet. I will be looking for the Long trade up to the fib zone.
We can see in the higher time frames the possible longer term targets for the pair.
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As you can see from the chart when price falls below this level of support it shoots up and hits the highlighted level of resistance so we will look for buys in the support area.
There is alot of divergence on the 4H so i believe this will be the last push to the upside.
Once the higher level of resistance is broken, we wait for a retest and buy again!