As for the US dollar, traders still seem to be hopeful for a Fed rate hike in November or December. Data has been slightly better than expected in terms of durable goods orders for August but the July readings were downgraded. There’s not much in the way of top-tier US data today so traders might hold out for next week’s NFP release. While CAD cheered the positive outcome of the OPEC gathering in Algiers, as energy ministers agreed that they need to come up with a deal to cap production.
The stochastic is going down between 80-50 area on D1 and H4 just entered the oversold area, this might drag price action up to the fibonacci sweet spot due to traders either taking profits or not wanting to enter the trade on the area. While H1 just entered the 80-50 zone going up.
A possible retracement on price action is expected following a trade plan i made on the 26 September 16, price is trapped using Fibonacci retracements, on the sweet spots 38.2 -61.8. If price action retrace a shot position will be considered.