USDCAD long idea: IF oil pulls back UC should should hit 1.34

UC has been following fib multiples pretty nicely.
I think this latest bounce wants to hit the 3.618.
The 4.236 Fib extension is a common wave-ender.

But that would require OIl to pullback some which I think it will.
Wednesday is US OIl Inventory report, which might spike price.
I am long now, hoping to have SL in profit before the news.

הערה:

Looking good so far.

But I need to see it hit that blue 2.618 asap, then make progress to the 3.618 and 4.236. otherwise this bounce is not a very good impulse....

.

הערה:

Nice, UC clearing and confirming the blue 2.618 as support now

need it to hold strong if we are to make it to the 4.236

.

הערה:

nice, burst above the 2.618 and ready to attack the 3.236.

need it to hit the 3.618 before some pullback, but still hoping for the 4.236 before serious retrace

.

הערה:

TP hit, Nice! hit the 4.236 EXACTLY as hoped

now watching retrace but I expect not much of one, US CPI report was mostly positive, while all others have been trending down....

.

הערה:

UC hada perfect 4.236 wave up, where I closed my longs

but such a wave implies further upside, so have bought again

.

הערה:

UC making good progress towards first target, while still respecting each Fib

Closer measurement of the move shows its Impulse and the ripples, just as ALL moves have

And, it shows why we bounced a little ABOVE the red fib at 1.23755. That red fib's repulsion was added to that of blue 5.618, allowing it to deflect price twice and launch it towards next energy band.

.