USDCAD A Perfect Long Entry

2023年3月14日

Hello Traders,
*The Fundamentals:
- GDP Growth: (USD: 2.7% / CAD: -0.1%)
- Inflation: (USD: 6.0% / CAD: 5.9%)
- Unemployment: (USD: 3.6% / CAD: 5.0%)
- Interest Rates: (USD: 4.75% / CAD: 4.5%)
The Fundamentals numbers are slightly in the favor of the USD.

*Sentiment:
-COT Report: shows /64.9%/ of the institutional Future open contracts are long on the USD, while /26.9%/ are long on the CAD.
This favors the USD over the CAD.
- Retail Sentiment: 82% of retail traders are short, which is another good factor, because most of the time the crowd are on the wrong side of the move.

Technical:
The Price is in a good and healthy downtrend with lower lows and lower highs, made a retracement to the /0.618/ fib zone which is a resistance level as well. This gives a good risk to reward ratio.


Trade Safe !

2023年3月14日

ノート

I made a mistake in the description of the trade. The trade is in a good and healthy UPTREND with higher highs and higher lows.

2023年3月16日

ノート

Here is another long entry if you missed the first one:

2023年3月21日

ノート

The price went back to the resistance level and bounce back up with a strong 4H candle.

2023年3月22日

ノート

The FED increase the interest rate by 25bps ..
The level of /1.36460/ shows a good support and the price bounce back up.

2023年3月23日

ノート

The Price couldn't break the support level, and bounce back up with a long 4H candle, It is an opportunity to buy now if you haven't join with the initial entry

2023年3月28日

手動でトレードを終了しました

I closed the trade on Break-even