USDCAD Top-Down Analysis
Hello Traders,
Here is the Top-Down Analysis of USDCAD (Monthly, Weekly, Daily for direction and 4H for entry) for
Week 42 - 12 Oct
M > After facing rejection at monthly support price moved up to test resistance level. Between these two levels price had created range in past. After a huge drop we expect a correction at least till 0.382 Fib level on last bearish impulse.
W> We saw an M formation and price moved up to test the neck and dropped again. We can see another M formation and price can move to test its neck that also coincides with monthly 0.382 level.
D > Price has dropped till last LH of bearish impulse, it is currently testing this level. Price can face rejection to the upside at this level.
As per COT CAD saw closure of Long and more Short positions with Short positions reducing to least for current year, slighting improving net positions. N-R saw closure of Long and addition of Short, in effect reducing cumulative net positions to further -ve. However CXY gained strength for the said week and was much more stronger last week.
We have been expecting CXY to strengthen for sometime.[/I]
4H > Price dropped with a strong impulse last week but today could not drop any further. We will wait for reversal for bullish at this level.
Pair Correlation > USDCAD has negative correlation with NZDJPY, GBPUSD, NZDUSD, CADJPY and AUDJPY.
This was my Idea and I hope you find it useful. If you find the analysis of help please leave a LIKE and FOLLOW for receiving all updates during the week. In the comment section share your view or ask questions.
Thank You
AP17FX
Here is the Top-Down Analysis of USDCAD (Monthly, Weekly, Daily for direction and 4H for entry) for
Week 42 - 12 Oct
M > After facing rejection at monthly support price moved up to test resistance level. Between these two levels price had created range in past. After a huge drop we expect a correction at least till 0.382 Fib level on last bearish impulse.
W> We saw an M formation and price moved up to test the neck and dropped again. We can see another M formation and price can move to test its neck that also coincides with monthly 0.382 level.
D > Price has dropped till last LH of bearish impulse, it is currently testing this level. Price can face rejection to the upside at this level.
As per COT CAD saw closure of Long and more Short positions with Short positions reducing to least for current year, slighting improving net positions. N-R saw closure of Long and addition of Short, in effect reducing cumulative net positions to further -ve. However CXY gained strength for the said week and was much more stronger last week.
We have been expecting CXY to strengthen for sometime.[/I]
4H > Price dropped with a strong impulse last week but today could not drop any further. We will wait for reversal for bullish at this level.
Pair Correlation > USDCAD has negative correlation with NZDJPY, GBPUSD, NZDUSD, CADJPY and AUDJPY.
This was my Idea and I hope you find it useful. If you find the analysis of help please leave a LIKE and FOLLOW for receiving all updates during the week. In the comment section share your view or ask questions.
Thank You
AP17FX
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