After a huge drop in OIL price, recently this market has been forming an inverted H&S on daily Timeframe. The nearest major resistance is at 62. Whether it can reach to 62 or not, depends on USD and CAD as oil price is positively correlated to CAD and negatively to USD. If the neckline breaks on OIL market we should be able to see USDCAD flag formation to be broken down too.
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Opportunity to add at 53.69 where most of the sellers SLs are ...!
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Another opportunity to add here. All the way to 60 ...
Trade closed: target reached
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Closed with 169 pips of profit As you can see trade opened at 52.74 and closed at 54.44 Thanks for following, Khan
Yes very much agree about the Inverted Head and Shoulders pattern. In the meantime a Channel Up on 4H has emerged so we may break higher even sooner. We have covered both possibilities here:
khansalarehsan
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@InvestingScope, To add to your analysis also see CAD Yields which is directly correlated with both CAD and obviously OIL. See how on weekly TF it bounced off the support. That is a further confirmation of OIL rising imo