.618 fib confluence at trend line resistance and previous support. Still has a little more room to upside, so I will wait for price to consolidate then brake on lower time frames before looking for an entry.
I don't usually trade this pair, but when I see possible false breakouts on high time frames I can't resist. Currently retesting massive daily bear candle at .786 fib. Might be a good time to short with anticipation of CAD and oil falling. I can't predict how far it will go but I will stay in it until other CAD pairs and oil find a bottom.
Looks like sellers are getting stopped out and buyers are stepping in on a false breakout into resistance, so perfect time to enter short. 50% fib confluence as well, but will wait for further conviction on lower time frames early in the week for entry. Scenario 2: if price continues up past $40, I will be looking to short it around $45 at the .786 fib and...
Will be waiting for more conviction on lower time frames for entry. Will probably wait for a FOMC surprise and/or an oil breakout to the downside. Since USD/CAD and EUR/CAD are both at support and oil is at resistance, I will anticipate an oil drop to drive the CAD lower.
