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U.S. Dollar / Canadian Dollar
Updated

USDCAD long idea: IF oil pulls back UC should should hit 1.34

2 732
UC has been following fib multiples pretty nicely.
I think this latest bounce wants to hit the 3.618.
The 4.236 Fib extension is a common wave-ender.

But that would require OIl to pullback some which I think it will.
Wednesday is US OIl Inventory report, which might spike price.
I am long now, hoping to have SL in profit before the news.
Note
Looking good so far. snapshot But I need to see it hit that blue 2.618 asap, then make progress to the 3.618 and 4.236. otherwise this bounce is not a very good impulse....

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Note
Nice, UC clearing and confirming the blue 2.618 as support now snapshot need it to hold strong if we are to make it to the 4.236

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nice, burst above the 2.618 and ready to attack the 3.236. snapshot need it to hit the 3.618 before some pullback, but still hoping for the 4.236 before serious retrace

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TP hit, Nice! hit the 4.236 EXACTLY as hoped snapshot now watching retrace but I expect not much of one, US CPI report was mostly positive, while all others have been trending down....

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UC hada perfect 4.236 wave up, where I closed my longs snapshot but such a wave implies further upside, so have bought again

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UC making good progress towards first target, while still respecting each Fib snapshot

Closer measurement of the move shows its Impulse and the ripples, just as ALL moves have snapshot And, it shows why we bounced a little ABOVE the red fib at 1.23755. That red fib's repulsion was added to that of blue 5.618, allowing it to deflect price twice and launch it towards next energy band.

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EuroMotif
Mod
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FibonacciSupport and Resistance

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FibonacciSupport and Resistance
EuroMotif
Mod
the Golden Ratio is my Religion
the Trading View is my Nation
the Moderator Tag is my Flag

Related publications

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.