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  • USD/CAD is bottoming as the US dollar attempts to correct.
  • Bulls look for a break and pull back for a 61.8% Fibo retracement target.
  • Bears await the test of a 38.2% Fibo and can monitor for new bearish structure. 

USD/CAD has been pulling in sellers below a monthly support level that gave way, subsequently putting the market in the hands of the bear’s. 

A continuation to the downside can be expected following a meaningful correction and the following illustrates where the opportunities may arise on the 4-hour chart.

Monthly chart

Weekly chart

Daily chart

4-hour chart