USDCAD is on the last leg up to completing a bearish Gartley formation between 1.27313 and 1.27373.
On the way up USDCAD put in a 61.8% Fib retracement, which predicts a 1.318% extension which we have used as the top of our kill zone.
A Gartley pattern should complete around the 78.6% retracement of the X-A move, which lines up nicely with our 1.272% Fib inversion level.
This Fibonacci confluence together with the completion of a profitable pattern gives us great confidence in taking this short position.
Keep and eye on USOIL and adjust targets accordingly.
Stop will be above 1.27450.
On the way up USDCAD put in a 61.8% Fib retracement, which predicts a 1.318% extension which we have used as the top of our kill zone.
A Gartley pattern should complete around the 78.6% retracement of the X-A move, which lines up nicely with our 1.272% Fib inversion level.
This Fibonacci confluence together with the completion of a profitable pattern gives us great confidence in taking this short position.
Keep and eye on USOIL and adjust targets accordingly.
Stop will be above 1.27450.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.