USDCAD: Structural Trade with Fib Clusters

FX:USDCAD   U.S. Dollar / Canadian Dollar
156 2 4
  • Price Action has bounced off a trend line 3 times.
  • Price Action making new structure lows ( Bearish 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
  • Bullish RSI Divergence

  • Price Action may rise to the zone between 1.313 and 1.315 — satisfies a short-term bullish 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 bat pattern 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
Nice work. Personally I am looking for AB=CD, we will see...
+1 Reply
akhostov PRO leszekstanislaw
thanks. So far things are looking good. Price action is coming up to my reversal zone so I am looking for a bearish move down to the fib cluster.
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