USDCAD - Don't or Do Catch The Falling Knife?

We just took a look at this pair in the Syndicate and I wanted to share it with you guys as well. I'm looking for buying opportunities here on the $USDCAD and this particular trade fits right into today's theme of being "Predictive with your analysis & reactive in your execution."

With the change in Canadian sentiment, we've seen a massive amount of buying for the CAD, nothing last forever and this looks to be a good place for buyers to retest the market (buy orders) and for sellers to remove some profits (buy orders)...See what I did there.

Anyway, I just missed confirmation on the recent for hour close, so I'll need to wait until 9pm NY time for my next opportunity to get involved.

Whenever you see this type of move you hear the cliche, "don't catch a falling knife" reference. To be that's a bunch of bull and as counter trend traders it's our job to catch those knives as long as their at smart areas in the market.

Akil