Nico.Muselle

USDCAD - Fib confluence at minor structure level

FX:USDCAD   U.S. Dollar/Canadian Dollar
I'm a brand new trader learning technical analysis and I would love to get some feedback from more experienced traders.

In this chart I saw the head&shoulders pattern. After this completed, we reached a 0.382 retracement back up and now the market is (in my humble opinion) going down to a minor structure level at the 1.272 and 1.618 extension confluence around 1.0902.

Thanks for sharing your thoughts on my analysis.
Agree with your idea here. High probability to continue down trend.
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Looks like your technical analysis learning is going well thus far. The pattern is at a high point making this pattern more reliable. If the neckline is broken I'd expect a move to 2 on the Fibonacci extension rather than 1.272/1.414/1.618, this is because that's the measured move, along with structure that's there. Looks like the pattern will break soon, seeing some bearish candles, along with bearish divergence that appears to be forming on the stochastic RSI. Nice find
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Good, excellent analisys Lord. very excellent.
epic.

happy weekend
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Thanks for your feedback guys, much appreciated. And I'm happy to see that my prediction came through shortly after I published it. The hourly candle closed exactly at the level I predicted (it went lower, but the close was at the exact level)
snapshot
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I 'm also newbie in TA. My humble opinion is that in the daily chart there was an uptrend with some correction and completed with the inverted head & shoulders pattern. Hence, my 2 cents is that USDCAD should in uptrend with the strong support base between 1.09329 - 1.09481.

snapshot
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