Posting this idea to follow up how the reasoning plays out after discussing it with @airmac
The reaction to fib levels and trendlines confirmes this mrkt bias
Draghi talked the euro down on thursday; EURUSD correcting, hedging USD short exposure shorting EU for the right shoulder formation, TP at neckline or before.
USDCAD downtrend channel intact, forecasting continuation of UC downtrend.
CAD>USD>EUR.
Oil uptrend, USD weakness and optimistic OPEC forecast wont drop oil much.
Pullback in CAD completed after BOC is starting they rate hike cycle
The reaction to fib levels and trendlines confirmes this mrkt bias
Draghi talked the euro down on thursday; EURUSD correcting, hedging USD short exposure shorting EU for the right shoulder formation, TP at neckline or before.
USDCAD downtrend channel intact, forecasting continuation of UC downtrend.
CAD>USD>EUR.
Oil uptrend, USD weakness and optimistic OPEC forecast wont drop oil much.
Pullback in CAD completed after BOC is starting they rate hike cycle