USDCAD on the 4 Hourly chart clearly enters a corrective wave, seeking to form wave (a) after finishing the 3 4 5 impulsive Elliott waves.
Additionally, there is also an emerging Cypher Pattern XABC where the market is currently pulling back, heading towards point D.
As of result, price is expected to retrace somewhere around the Designated point D before continuing its long-term short move.
Entry:
market has been trending in the range of the recent exhaustion candles. Traders are advised to place a pending order above the 1.241 level. while placing a protective stop loss on the lower edge of the exhaustion candle around 1.2338
Taking Profits:
traders are advised to close 50% of their open position around the Fibonacci levels of .382 (TP1 = 1.248). while tracing the other 50% of the trade till reaching the .5 level (TP2 = 1.253).