USD CAD - 1.258 rejection as plannedHello,
See below the previous analysis from a couple of days back;
The key level here was 1.258X where the range of price will interact with the 0.382% Fibonacci, also a pivot point in the bullish structure;
Where;
1. Price respects the imbalance upon the price reactive levels.
2. Price had offered a selling range from the reactive top of the structure and needed to find a key demand to offer a discount.
Here is the idea.
Weekly Chart
Weekly Structure has offered a heavily discounted buy opportunity to take a new position or additional upon current longs.
Refer to the volume chart to assist for volume traders - this shows the key driver for the change of hands which occurred at 1.21X zone.
Monthly
USOIL
Refer to the correlation of the US OIL chart and compare USDCAD for inverse correlation.
Attached are the key monthly and fibonacci zones intertwined.
About me;
Student of Lupacapitalpartners - imbalance analyst.
Supplyanddemand trader
Technical approach to charting
Work in Investment banking, LDN - 3years in credit.
Many thanks,
XYHLX
