USDCAD Short From 38.2 Fibonacci Region

USDCAD Massive Selloff in the Loonie from the Trading Range of 200 Pips following Positive Canadian Data and Weak USD GDP Fiqures. Price has Sold of Consistenly for 5 Days and could be due for a pullback. on an 1H Timeframe we have a cross of the Moving Averages to the Upside and a 4H Bullish Engulging Candle. Price is still however Stuck within a Channel pointed to the downside.

If We can Break out of this Channel we could Take a short position from the Fib Level of 38.2%. This is also in Line with a Cross of the 72 Moving Average on the Daily Timeframe.

Downside Targets of 1.2500 are Expected