A little over a year ago, USDCAD began a grueling uptrend that just wouldn't due to severe economic problems in Canada just like Unemployment but recently reports came in that unemployment improvement was better than expected which caused this security to take a nose dive. I personally expected this for intraday traders considering how overdone the uptrend for this security was. The key price action ideas include the overshoot of the descending pitchfork to the .786 fib retrace which is where many loose bear stops lay. Risky bulls are playing into the smart bears strategy and are letting the bears gain so much ammunition when they come back in the trade that this is gonna dive even worse when scalping bulls get squeezed. Break below 1.365 likely bull stop will cause a strong strong downtrend. But for now, im hoping to see a correction to the bottom of the blue price action range again...
Thanks for the Support and Constructive Criticism is always welcome!