As previously posted USDCAD had a good short opportunity when the strength on the move from 1.34 showed definite signs of weakness...however that sell off was rather short lived which is starting to paint a different picture for what's to come.
If you're a strong supporter of USDCAD bulls, you should look for a confirmed near 1.3950...however be careful of the 1.40000 level, I would like to see both of these break to really add additional strength. The current structure here can be taken as a potential.
If you're more of the persuasion, unless you're already short from the 1.3940 level there is not a really good reason to enter right now...however, a rejection off of 1.40000 would make for a very strong . The next easily identified trade is actually a long way off, down at 1.34 area, indicated on the chart.
I will remain neutral for this analysis - but my long term bias is definitely with the bears at this point in time. Short term bulls definitely have the advantage with a potential , but the confirmation break is still needed.
If you're not in any trade on USDCAD right now, I would remain on the side lines and wait for additional price action to create better entries. Waiting is the hardest part of trading.
Feel free to comment/like/follow.