USDCAD Forex Cross pair sell opportunities at new supply levels with monthly supply imbalance at 1.3996 in control. No longs are allowed with such a strong supply zone in control. There are strong bearish impulses being created on USDCAD Forex cross pair with new levels of supply on the daily timeframe being created around 1.3596 and potentially around 1.3340. No longs opportunities are allowed using a supply and demand technical analysis.
We don’t follow fundamental analysis when trading supply and demand analysis. We really do not care what fundamentals say since supply and demand imbalances move the markets and tell us where the professionals and institutions are planning their trades. The pair’s recent drop seems to be caused by a strengthening bearish pressure surrounding the buck in the last couple of hours. When reading about an article someone sent me, it said that there were no clear catalysts that could have a triggered a new wave of USD-selling, end-of-week flows toward London fix and reports of the Fed planning to end the balance sheet reduction scheme earlier than initially planned seem to be weighing on the buck.
Well, the catalyst for such a sell-off on the USD-CAD is clear, very strong monthly supply level in control, as simple as that.
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