Based on the Commitments of Traders data reported on: October 15th 2024
🔎📊 CFTC EXPERT ANALYSIS
🎩 Each week I will highlight a specific pair from the Araujo Report. The analysis will be a portion of what's made available to members.
USDCAD: Institutional traders have a BULLISH SENTIMENT
Overview: Price rallied aggressively on the weekly chart and longs increased just as aggressively from 110k to 159k. Shorts also increased from 21k to 36k, entering into slightly aggressiveness. It’s been 5 weeks since we saw this much aggression in shorts. Could it be the start of a drop? On the dollar we are seeing signs of a short starting to be built up. What a massive selloff on long positions from the highs of 219k, totally forecasted before this took place, just incredible. We now have an ascending long standing weekly trend line that just recently broke through. There isn’t a supply formed from this break because it wasn’t significant enough. When examining evidence to support a long term drop on the $usdcad we can see that we have both a monthly and 6 month supply that is currently in play and is still holding despite many candles being created since the contact.
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