USDCAD Lower
attempting usdcad lower here.
potentially forming some tops at this resistance area.
overall the CAD narrative has been improving, the economy is good and commodities overall are doing well.
The US data continues to come in weak and i think that continues, which shouldn't be good for USD as people could take this as less hikes and more cuts from the fed going forward.
correlations are starting to turn lower, rate differentials have moved lower, oil is potentially turning higher and risk sentiment is doing well which is usually good for USDCAD lower.
positioning for CAD is also very short which could mean ample room for CAD strength.
Not trading/investment advice, feedback welcome!
potentially forming some tops at this resistance area.
overall the CAD narrative has been improving, the economy is good and commodities overall are doing well.
The US data continues to come in weak and i think that continues, which shouldn't be good for USD as people could take this as less hikes and more cuts from the fed going forward.
correlations are starting to turn lower, rate differentials have moved lower, oil is potentially turning higher and risk sentiment is doing well which is usually good for USDCAD lower.
positioning for CAD is also very short which could mean ample room for CAD strength.
Not trading/investment advice, feedback welcome!
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