The USD has spent most of Monday recovering and although progress has been subdued on USD/CAD there are reasonable signs that a swing low may be in place at 1.38 area. Price sits just above the 38.2 fib of last weeks range and a LONG trade here (I'm in at 1.3834) looks a to have a decent chance though I'm not loving it. Tight STOP at 1.3804 for a 30 pip risk with an initial target of 1.40 area and above that 1.41 area.
Trade closed: stop reached: USD/CAD sold off in the Asian session and this was a 30 pip loss. We've recently hit WS1 support on this pair so we could see a move north from these levels but I'll wait to see if the price can take out the 200 sma on H1 before I make a move.