FX:USDCAD   U.S. Dollar/Canadian Dollar
34 4 0
Price retesting broken trend line , rejection at 50% weekly fib. Weekly bearish engulfment suggesting short positions. Continuation to lower Fib level as target 1.
Note that price also broke 2 trendlines (Daily one and a Weekly one) and that RSI14 has made lower tops. Shorts are probably valid, though IMO main uptrend will probably uphold after hitting a bottom where there's enough support to work from.
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retest confirmed, price sold off. next task is to clear double bottom at 1.0955 if possible. if price clears double bottom ( which is, yes, bullish pattern ) general setup is in play.
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In my opinion, your idea seems a bit risky to be tried yet.
snapshot
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Mirandole PRO Mirandole
Even if It could go down, I just don't see any major signs of reversal to downtrend.
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