Alternatively, if Oil retraces after its recent surge then we can expect price to continue back within the oscillation. With a weak dollar and gains in Oil my favorite is for the down trend to continue, time will tell.
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Usually, with a breakout you can expect a retracement back to the consolidation area before the breakout really occurs. This is generally a great place to enter the trade if you missed the breakout in the first instance. However, today is tricky, an anticipated Oil glut is due to be shown later today which will aid USDCAD to climb north and if the FOMC minutes are good for the dollar then this may become a false breakout. best way is to place sell orders below the lows or enter more or less now and place stops above the retracement.