USD CAD - awaiting the "0" Fibonacci retrace
Updated
Hi there,
Currently awaiting the Daily Fibonacci structural point to add a further buy position.
The sell off from the -0.618 structure is part of the profit taking and completed pattern of the Fibonacci sequence.
The reason for awaiting "0" is price can react strongly upon this zone, so therefore patience for changing hands is necessary.
Refer to the correlation of the US OIL chart and compare USDCAD for inverse correlation.
I cannot currently add charts due to not having a high enough reputation.
Many thanks,
XYHLX
Currently awaiting the Daily Fibonacci structural point to add a further buy position.
The sell off from the -0.618 structure is part of the profit taking and completed pattern of the Fibonacci sequence.
The reason for awaiting "0" is price can react strongly upon this zone, so therefore patience for changing hands is necessary.
Refer to the correlation of the US OIL chart and compare USDCAD for inverse correlation.
I cannot currently add charts due to not having a high enough reputation.
Many thanks,
XYHLX
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