UncleBullFX

USDCAD Big Drop Coming

Short
OANDA:USDCAD   U.S. Dollar / Canadian Dollar
USDCAD 1M & 1D:

We can clearly see a clear double top rejection formation on the monthy time-frame. Expecting market to continue heading downwards, targets are set on key horizontal levels.
Switching to the lower time-frame, on the 1D, we will wait for a clean candle break of support level @ 1.38778. Afterwards we will activate sell limits to sell the pullback to previous support now resistance.

Fundamentals to look out for:

1) U.S. Producer Price Index (PPI) MoM
2) U.S. Core Retail Sales MoM
3) U.S. Retail Sales MoM
4) U.S. JOLTs Job Openings
5) U.S. Initial Jobless Claims
6) Bank of Canada Governor Poloz Speaks @ Thursday, May 14th 2020, 18:15