We can see very clearly that in the last trading week, price had reached a previous weekly low and so reacted and pulled up sharply. We now see price heading towards a 4H Supply Zone in which price is expected to hit before any hopes of a bear move begin, although price could very well push through the supply and take out a previous weekly high before returning to the downside. This idea is supported with additional confluence for the pivots and the Fib reaching for the .786 retracement area. I still do anticipate longer term shorts for USDCAD however I am not quite sure as to when price will finally break and go further to the downside. I'll update on that as time goes.
Trade closed: target reached