USDCAD moved as expected from the sell zone we described in my previous post (link below) giving us more than 200 pips, It's now looks like is consolidating with price having formed a double bottom and we have a nice short term setup we could get involved with. If price breaks above this consolidation we may buy USDCAD and aim till the sell zone i have drawn in the chart. No matter the result of this setup, it has great value as our stoploss should be placed below the double bottom swing points (about 2.8:1). MACD divergence shows that this drop is about to end and a correction is about to begin.
