USD CAD has been on an up trend since May of 2021.
The parallel channel marked “A “clearly shows that.
Next, we have the PSR at 1.30, Its one of those round numbers like $1.20 that people automatically relate with.
Now we have confluence where the PSR and the S/R level are being reached together to form a new path. Marked “B”
This pair have broken the parallel channel and breached 1.30.
If you don’t know about Fibonacci, is one of those perfect numbers that multiplies and divides itself perfectly.
The .618 is a common retracement level. “C”
All I am suggesting is if the USD/CAD stays above 1.3 for the next week its likely to go all the way up to 1.34 then 1.36. As displayed #1
Option #2 its possible its making a false move up to 1.315 before it starts the next cycle in the parallel channel and may not see 1.30 for some time.
The parallel channel marked “A “clearly shows that.
Next, we have the PSR at 1.30, Its one of those round numbers like $1.20 that people automatically relate with.
Now we have confluence where the PSR and the S/R level are being reached together to form a new path. Marked “B”
This pair have broken the parallel channel and breached 1.30.
If you don’t know about Fibonacci, is one of those perfect numbers that multiplies and divides itself perfectly.
The .618 is a common retracement level. “C”
All I am suggesting is if the USD/CAD stays above 1.3 for the next week its likely to go all the way up to 1.34 then 1.36. As displayed #1
Option #2 its possible its making a false move up to 1.315 before it starts the next cycle in the parallel channel and may not see 1.30 for some time.