Similarly to the GBP/USD trade, the has found resistance and is re-testing in the form of a . Within the re-test we can find a formation. Price has already hit our D point but I am now monitoring the 4 hour and 1 hour charts for an entry.
I'm currently simultaneously monitoring U.S. Oil and the Canadian Dollar . The value of the Canadian Dollar relies heavily upon the value of oil since this is their main export, so should the value of oil drop , the CAD more often than not follows suit. There's currently a potential on the USD/CAD (see below) which, indicating a weaker Canadian Dollar , would compliment this setup on Oil . Another idea containing full analysis will be posted for the .
Shark ratios are as follows:
C = 1.13-1.618
D = 1.618-2.24
X to D = 0.886-1.13