1.618 EXT @ 1.2990
Horizontal Support between 1.2935-1.3042
USOIL is approaching 40.20 the reversal point
Prepare to Long USDCAD when price
get into the zone.
You can use multiple entry to create your position:
1/3 @ 1.2990
1/3 @ 1.2966
1/3 @ 1.2535
SL should be below 1.2900
Taregt: 1.32 and 1.36
Weechat ID: 32114564
First, USDCAD (related to oil) is very unstable to predict. Most don't see it breaking 1.32 unless the dollar gets hit hard. All agree that April and August can be favorable to USDCAD because of fuel consumption but agree that fuel consumption does not trump other factors. About a week to ten days stability right now for USDCAD until the OPEC meeting which could change everything in the interim. For the long term, excellent fundamental traders of equities do not see oil remaining, but dropping back. I'm not here to debate oil, that seems controversial, but sharing wisdom of million-dollar traders who willingly gave me their time for speculation on USDCAD. Since you were kind to share your projections, I felt it good to do the same.
Good luck to all.