Panjang

USDCAD PROjections week of 8/19

My initial gut feeling was short until I started marking up the chart with SR zones. Besides the uptrend it's currently riding, it just put in a double top at a resistance level that recently held. The bear reaction to each push was substantial, but I don't think it's a true roll. Price sits at a significant support level, and if you didn't notice, the 1.272 and 1.414 fib extensions perfectly bracket the top resistance level. That resistance level was drawn before the fib, and I don't think it could have lined up any better. For me, structure is king, but I do have a very special place for fibs in my heart. I'm going bull, putting one hand up, and hanging on for dear life.

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