FX:USDCAD U.S. Dollar/Canadian Dollar
- Price Action has bounced off a 3 times.
- Price Action making new structure lows ( Bias)
- There is a fib cluster that matches the structural zone shown in red where the high and low of the zone are based off structural levels and the fib retracement levels.
- Another fib cluster for potential targets found between 1.294 and 1.298
- Price Action may rise to the zone between 1.313 and 1.315 — satisfies a short-term move
- Upon reaching the “reversal zone”, the pair may continue down and break structural lows and continue down to the blue target zone.
- If price action continues, then we may be looking at a possible forming… although too early to tell.
Comment: so far so good. Price action did go beyond the trendline, but quickly came back down and is back at support around 1.305