As we can see, the price, is in a downtrend channel, with a previous upside rally. so this current direction, could be just a reversal structure of the previous movement.
The 0.5 Fib level, is a significant area, at this level, the price started the movement that will beat the L-L peak marked in the downside red line drawn. So I expected, a rebound in this area.
* In a fundamental aspect, the Canadian Exports, are influenced significantly by the Oil Sector, so if the crude price goes up, the CADCHF will go up too. The Correlation for this year is round to 82%. Therefore, the future behavior of the Oil price will be crucial to achieve what is reflected in the chart.
The 0.5 Fib level, is a significant area, at this level, the price started the movement that will beat the L-L peak marked in the downside red line drawn. So I expected, a rebound in this area.
* In a fundamental aspect, the Canadian Exports, are influenced significantly by the Oil Sector, so if the crude price goes up, the CADCHF will go up too. The Correlation for this year is round to 82%. Therefore, the future behavior of the Oil price will be crucial to achieve what is reflected in the chart.