USDCAD Fibonacci Support Resistance Zones: UC as of Jul 15

15 Jul 2018

This is my periodic update of Support Resistance zones for this pair.

USDCAD has been range bound, so there have been many fib clusters defined within.
Thus the choppy price action, because many resonances have been set within the range.
This will be a very interesting week for USD pairs in general, and UC in particular due to trade wars.

General Info
These zones are calculated using Fibonacci Ratios of past price moves.
Fib extensions and retracements are projected forward in time and price.
If price bounces or reverses, it will probably do so at one of these zones.

Some zones will match previous highs and lows, since Fibs are derived from the extremes.
Some zones will not match anything previous, but they are Fib multiples and THOSE are the important ones.
Zones that are far from current price will be either WIDE or just a LINE. Just a line indicates important Fib Ratio.

Where prices overlap on the zone lines, drag the Right (price) Axis up to magnify and reduce overlap vertically.
There are zones above and below the current price range, Drag the Chart up/down to see other zones.
Drag bottom axis to the left to magnify the candle size to view close up, or to the right to view larger time frame.

I will update as new zones are defined by upcoming Fibs.

15 Jul 2018

Nota

Very first fib zone boundary to be touched is already showing relevance.

17 Jul 2018

Nota

UC showing perfect Fib Zone reactions.

19 Jul 2018

Nota

Interesting developments since I first posted this.
See pic for ''wide open spaces'' vs ''narrow spaces''.

When I was evaluating the various fibs that defined the zones,
I wondered about the narrow spaces, too many lines to mean anything?
I also wondered about the wide spaces, am I missing some fibs?

The price action proves the validity of the fibs used.
The Narrow spaces caused the price to bounce around within.
Once price left the narrow spaces, the price had only one choice:
It could only jump all the way to the next band even across a large amplitude.
Same result coming back down, jump across the wide open spaces.

20 Jul 2018

Nota

Ping!

20 Jul 2018

Nota

UC fell hard after the last pic.
But still in prefect sync with its fib zones.
Also notice the almost instant drop across the wide open space

7 Ogo 2018

Nota

All zones still effective

12 Sep 2018

Nota

All zones still ping-ing with exact confirmations

A closed up of that tight cluster near top of previous pic that cluster sure proved to be important, and it will be an important support/resistance going forward, resistance for now as evident by the rejection thereafter