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Short

USDCAD Daily Bearish Correction

FX:USDCAD   U.S. Dollar/Canadian Dollar
First USDCAD             is in very bulls move in very long run, and the priority is bulls setup here. But now there is a potential for short term bearish move to build 'BC leg. I will be very bullish when it comes to C leg, 1.2900 area or the last support is 1.2700 (but likely it won’t come this low).

This bearish correction are base on analysis as below :

- Sentiment analysis;
I use 'CME options data for this. And it shows 1.3300 and 1.3600 have large number of Des Calls (P/C ratio). Below this, Des Puts are holding huge number between 1.2900 - 1.2800 price line. "

- Technical Analysis ;
1. the X leg (1.3455) was an Upthrust and 1.3350 was a the last Buying Climax ("BC). Bollinger M top is built since the high of 6th Nov. The strong support are likely at 1.3080 (C leg) and 1.2900 (Des Put area) .
2. it broke 2 fractal low (of previous trend move) and rejected at 3rd fractal.

Here is the summary of analysis :
1. My main support target target is only 1.3080 (C leg) and 1.2900, where I must anticipate any bullish reversal on those support.
2. I must not ignore a small support 1.3200 area, if this hold, then it will be very bullish .
3. If this C high area are broken with strong bar, I will not look for any bearish potential.
4. The time target for this down move will be 2 weeks, base on X to A time length scenario.

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