30Apr2021:USDCAD[1D]:Oversold on ALL time frames!

This pair has taken a beating since COVID. It's oversold, and approaching the bottom of a large, monthly structure dating back years. This wants to pop and run a bit. How high? Not sure, but right now, up is the direction. Various Fib. extensions and retraces are plotted out for your target-seeking pleasure. Right now, chasing the entries and exits, but will post more when I've got it narrowed down. Bare minimum, it retraces to 1.23959 from the present entry level.

Trade stängt: Stopp nått:

After some false starts on lower time frames, this one dropped into the band of monthly resistance. Stoch strongly suggests a retrace soon, but this bearish, daily candle suggests fundamentals may squeeze more out of this pair first.

Kommentera:

In retrospect, this looks like a textbook 0.618 to 1.618 on the 1D bear swing we were in when I posted the chart.