USD/CAD: Will the trend continue??

11 thg 8, 2017

Overall trend on the daily is bearish how ever we've recently retraced up to the 23.6 FIB level - closing with type 1 candle close, we are currently awaiting for the bearish candle to close to finish off this week. My current bias is a trend continuation based on the strong candle close on the FIB level. If my analysis is correct we could be seeing over +300pips gain. Current stop loss is at 50 pips.

If this retracement is a reversal point then we may look to enter at the higher low for the swing up.

We shall see.........