USDCAD due for epic bounce and new highs very soon

The CAD strength (loony weekness) seen the last few days seems overblown and should be seen as a good opportunity for better entry to long USDCAD             . CoT shows commercials have used this opportunity increase their net short positions which would suggest higher prices are incoming. Theres support at exactly 70.5% fib retracement...

I will start accumulating a short position here (1.31427) although aware we could see 79% with current trajectory (1.31050). Anticipating USD strength to continue over the coming weeks/months which should help loony reach new highs.

Trade closed: stop reached