From early 2011 to early 2016 USDCAD
rose steadily. On hitting the .786 Fib level price swiftly retraced down to the .50 Fib and since then price has largely traveled sideways between the .50 Fib and the .618 Fib levels. This makes trying to work out where USD/CAD
is headed very difficult if not impossible unless certain levels break. North of 1.36 would suggest USDCAD
has resumed its uptrend and looking to retest 1.4660. Under 1.2972 would suggest we could see a move south.
One possible trade idea would be to SELL at 1.3465-1.3480 area and look to BUY at 1.3330.