USDCAD Long
USD is the safe haven currency. Even though the stimulus bill is going to be negative for the strength of the USD, there will still be investors flocking into the USD (and the JPY/CHF/gold) because of what is happening in the stock market, considering these are safe havens, and the overal global economy is slowing/nearing a recession.
COT non-commercials are bullish on the USD, adding in longs over the course of the previous week whilst the price of the USD was dropping. This is a signs for us, that the USD will be in fact, strengthening once more.
On the CAD, we can see that the non-commercial hedge funds/non-commercials banks have been closing longs as well as shorts over the previous week. But there is still room for the CAD to weaken, given the fact that the CAD is heavily correlated to the price of oil, and is heavily exposed to China's economy.
We will take the long in our trading group if price-action and volume gives us a confirmation on the lower timeframes.
COT non-commercials are bullish on the USD, adding in longs over the course of the previous week whilst the price of the USD was dropping. This is a signs for us, that the USD will be in fact, strengthening once more.
On the CAD, we can see that the non-commercial hedge funds/non-commercials banks have been closing longs as well as shorts over the previous week. But there is still room for the CAD to weaken, given the fact that the CAD is heavily correlated to the price of oil, and is heavily exposed to China's economy.
We will take the long in our trading group if price-action and volume gives us a confirmation on the lower timeframes.
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