Oil price continues to rise as US inventories data fell and OPEC remain firmed to cut oil supply. Oil price is correlated to CAD movement so my sentiment is there could be a sign of reversal if market cannot break above 200ema on D1.
Looking to short if H4 retest at 200ema or form a LH and LL to short. FTP to at Fibo R 50.0%
If price break above 200ema this analysis will be invalid.
The reward to risk for this analysis is 5: 1
Looking to short if H4 retest at 200ema or form a LH and LL to short. FTP to at Fibo R 50.0%
If price break above 200ema this analysis will be invalid.
The reward to risk for this analysis is 5: 1
Comment:
I will wait till Monday market open and see how is the movement like. Market form LL. will wait for retrace at a LH to short usdcad