I posted this USDCAD chart on a larger time frame a couple days ago warning to pay attention to this channel bottom for a break. Clearly no break was seen however we now have a nice push up to the .618 and proper rejection from this area. This .618 is the retrace from the current decline, and on the larger scale do not forget we bounced off the 50 FIBO of the much larger decline, im really a big fan of this set up as we could short here with stops above the recent high, if we get some good moves maybe the channel will break pushing us over 500 pips gain on the affair.