Even though this post will contradict my other post on USDCAD in a way, I feel it is an Idea worth sharing.
is in a daily corrective move. This hypothesis is built on the assumption that the correction is currently in its C wave which, if your are familiar with basic Theory, is the last wave of the correction before the prior trend continues (depending on the type of correction).
In this case, the C wave can be construed as an which leaves us with massive scope for shorting this pair; because if this analysis is correct we will see a very large move to the downside worth hundreds of pips. The swing must be confirmed by a break of the lower.
What is more is that this is a key meeting area for the daily and weekly trend - this confluence builds confidence in a possible short view.
One thing is set in my mind however, I will not be going long on this pair. Decide your yourselves.