Get started
diazfranj

TD Sequential and Classic Fib Retracement to 0.382 on Daily

Long
U.S. Dollar / Canadian Dollar (OANDA:USDCAD)  
diazfranj  
OANDA:USDCAD   U.S. Dollar / Canadian Dollar
Fibonacci Candlestick Analysis Support and Resistance USDCAD correction Fibonacci Retracement textbook classicalcharting classicpattern
5
0
fibonacci candlestick supportandresistance usdcad correction fibonacciretracement textbook classicalcharting classicpattern
TD sequential has counted 9 consecutive bars downward on the daily, this typically is indicating a retracement is about to take place. When measuring the highest high to the lowest low on the daily's down trend this becomes a textbook Fibonacci retracement to the 0.382 level. Further supporting evidence to support this theory is the rejection of the downward movement past 1.24500. When moving upward there is a strong support level at 1.26100, I will be looking for a short opportunity at this level.

I am long on USDCAD because of this upcoming correction followed by a short at the psychological level of 1.26100





This is not Financial advice.
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.