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

Updated

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.

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....

.

Note

Nice, UC clearing and confirming the blue 2.618 as support now

need it to hold strong if we are to make it to the 4.236

.

Note

nice, burst above the 2.618 and ready to attack the 3.236.

need it to hit the 3.618 before some pullback, but still hoping for the 4.236 before serious retrace

.

Note

TP hit, Nice! hit the 4.236 EXACTLY as hoped

now watching retrace but I expect not much of one, US CPI report was mostly positive, while all others have been trending down....

.

Note

UC hada perfect 4.236 wave up, where I closed my longs

but such a wave implies further upside, so have bought again

.

Note

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

Closer measurement of the move shows its Impulse and the ripples, just as ALL moves have

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.

.

EuroMotif

the Golden Ratio is my Religion
the Trading View is my Nation
the Moderator Tag is my Flag

Related publications

The "Pulse" of an asset times Fibonacci: Loonie Lead Lapsing

by EuroMotif

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.