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.

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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.

تعليق:

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.