Based on the Commitments of Traders data reported on: January 19th 2021
📊 In the Markets: We have the #USD interest rate being released this Wednesday and we will be watching to see if it will fuel a move higher on the #DOLLAR. Last week we saw the #USDCAD rate being released caused the price to drop only to reverse back upwards just as we had predicted it would. How did we know this? Because we have institutional demand in play and as we always say, price will always move in the direction it was on already on track for. No matter what the news or data release is, it will always move in the direction that the
banks want it to move. The #USDCAD is no different. We saw a quick move lower but then it reversed and moved exactly where we had forecasted.
The #EURUSD contacted monthly supply and we can see that the banks are adding to their long positions which many will interpret as being bullish right now and in a way it is BUT in the short term we are seeing a lot of evidence that suggests price will drop in the near term. Great buying opportunity is located further down the chart.
The #USDCAD is another pair that we are watching closely for a position. We anticipate price will move lower over the longer term and so short positions are where we are focused. The short signal when presented will be put in the school trade signal list. Watch out for that.
Should be an eventful week, take care!
🎩 Magic Trader!
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