What I never understood about this cases is what's the logic behind the buying pressure.. there's obviously millions of people buying (from the fact that it just doesn't want to go down) and I can't see what's their reasoning. One would think that anyone who is bullish on CAD would wait for a pullback to enter, but yet they're buying and buying now..
Good valid idea. But be quite careful regarding selling on this instrument right now. It is correcting in an positive impulsive pattern on the daily timeframe. I would set my stops tight above 1.46811 (fib 0.618 on 1H timeframe)