Dear traders,

Last time I wrote about USDCAD.

I was bullish and still am. I managed to enter into a small long trade last week.

USDCAD did not do much but possibly next week will bring more volatility in the market with the BOC rate decision.

I am still holding my long views until proven wrong by price action.

EURUSD Trading Analysis

Today, after making my daily screening I found out that EURUSD is possibly gaining more bearish momentum.

There is a major supply zone that has been hit and price has started a reversal.

There was a two-day bearish engulfing pattern that formed on Friday.

I am looking to possibly enter into a short trade after a small retracement towards 1.1100.

I would also like to see a 4H confirmation coming from price action.

A potential target could be the levels of:

a) 1.1000

b) 1.0900

It will really depend on price action, but these are the levels that I will be watching in the meantime.

Happy Trading,

Colibri Trader

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