UCAD is 180pips away from a confirmed Head and Shoulders, weekly study.
Watching price action this week for bear continuation or bull reversal (see my USDCAD Bearish Butterfly study below).
Also keep an eye on EURUSD staying above 114/115 range and of course any Oil fundamental reporting.
The market was unloaded today
All bulls on margin call: who buy dip, who buy after OPEC meeting, who sustain the price in march
I think Open Interest sufficiently decreased, and the new bull cycle arisen
Commercials have reduced net short position and new, fresh and brave bulls ready to buy every dip
Open: 45.50
SL: 44.60
Brent (UKOIL) is on the slippery path as production is falling and this could lead to the drop of it's share and loss of the benchmark status to other crudes, namely WTI or Dubai or Urals.
Triangle is possible model here.
Target minus $10 spread - the WTI (USOIL) becomes more expensive than Brent.
On background the rising_trend we probably have the end of down_trend_correction by two breakouts of the channel/ now it's a good opportunity to long position to 55 lvl
AUD/USD has pulled back to key weekly support. I see prices driving higher over the next week or so. As it stands, the monthly candle is a strong bullish candle and the dollar is losing steam, which supports my bias
On background the rising trend we have breakout of strong fractal_based line/so probably will have continue of rising trend/ set pending buy order on breakout fractal_based line(and line of wedge). Don't forget about SL!
