With the support of 1.4175 broken on Friday we are looking for shorts in this pair. Eventually we are looking for a minimum retrace all the way down to 1.3700 levels but first support will come in around the 1.4000 level next. Should this not hold we are looking for a full 50% retrace to the 1.3830 minimum. We are still counter-trend trading in a major uptrend so use smaller position sizes. With last Fridays Bearish Engulfing pattern on the Daily timeframe and SSI (Speculative Sentiment Index) has changed drastically as Retail traders have cut Long positions it only seems fitting that the usdcad is in a corrective phase before a return to the highs and the end of the Bull usdcad market as we know it. A confluence at the 23% resistance level comes in at 1.4250. Go short at suggested levels looking for a target around the 1.3850 / 1.3750 level. Alternatively go short on a break of 1.4150 for an initial target of 1.4040 with tight stops.
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