Again we will be looking to play USDCAD to the downside if we see a break below this short-term up trend. We will need to see confluence from our price action forecasting algorithm forecasting a move to the downside with a chance performance prediction of at least 85% as well. If we do see this set up occur then we will take a short position. The 1.27500 level may pose some issues for continued downward movement so it may be a profit taking level if price action begins to struggle to break down around that level.
Currently our forecasting algorithm is predicting some consolidation and then a move to the downside with a chance performance prediction of 93%. See the image below for the most recent forecast from our algorithm:
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