Based on a Fib from 2016 to the low of 2017. The price bounces off the 32fib and continues down. On the daily chart there is now a small wedge forming and it is not making higher highs. Bollinger bands are tightening up and price closed below the MA. Target price 1.25470.
Yesterday's star, oil, is consolidating near the higher levels with minor losses. The asset is digesting the wild and surprising events in Saudi Arabia, and the majors don't care about it at all. Let’s face it: even USD/CAD has already recovered yesterday’s losses to the 1.27 round figure.
CAD is trying to catch up with crude oil prices, but a lot will depend on ...
Price has touched the bearish trendline (blue) 3 times now, price has reached an area of resistance (as shown by the yellow box) and is also in a key Fibonacci retracement zone. Finally, on the daily timeframe we also have a reversal candle, which closed at the trendline. With this in mind, this is a great opportunity for a short as stops can be placed just above ...
