123 BOTTOM CONFIRMED ON USD/CAD MORE SEASONAL STRENGH AHEAD?USD/CADOANDA:USDCADTradeTheIndexHey traders so today checking out USD/CAD Forex Pair this is looking bullish on the charts. For those new to trading forex USD/CAD it moves opposite the actual currency meaning if Canadian Dollar is strong this pair will fall. If Canadian Dollar is weak this pair will rise. So there is normally a Seasonal Pattern where the Canadian Dollar weakens in the fall due to less energy demand. That means the USD/CAD will rise. Well so far we see a bottom formation on the charts is the market trying to tell us something? Don't let that chart fool you! No one knows😁 But trading is all about probabilities so if we have a chart bottom plus possible seasonal patterns ahead. That indicates good enough risk/reward to consider a trade. However if the FED cuts interest rates we could see the US Dollar Weaken fast but know one knows for sure how a cut will affect the market especially if he says no further cuts will be done for a while. So Scenarios for today are... Bullish- YES strong bottom formation already confirmed on the charts unless the market takes out the low of 1.3540 this market is a buy on any pullback. Bearish- uh I would not trade personally against a seasonal pattern because it's going against the grain. But then again sometimes being a contrarion can work. But seriously I would not short it unless market broke that low 1.3540. Then the market has proved to you it wants to move higher before taking a risk. COT (Commitment of Traders) - the report currently shows the funds large specs short the Canadian Dollar so doesn't look oversold yet on the instituional positioning end. Good Luck & Always use Risk Management! (Just in we are wrong in our analysis most experts recommend never to risk more than 2% of your account equity on any given trade.) Hope This Helps Your Trading 😃 Clifford RISK DISCLOSURE TRADING IN THE FUTURES AND FOREX MARKET INVOLVES SIGNIFICANT RISK. ALWAYS CONSULT A FINANCIAL ADVISOR AS HIGH RISK ASSET CLASSES MAY NOT BE SUITABLE FOR ALL INVESTORS. THIS IS NOT A RECOMMENDATION TO BUY OR SELL ANY ASSETS. ALL IDEAS ARE MADE FOR EDUCATIONAL PURPOSES. PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS. CFTC RULE 4.41 – HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING.