Price has broken Support and is currently re testing it from the bottom. Trend line for additional confirmation. Fibo 38 retracement for bigger wave and 50 for last move. I have some concerns on this trade as already have profitable long position on USD/JPY. Correlation for 4H charts is only 53% but for daily it's 71%.
Price dive after todays news from US (Retail Sales). Awaiting reaction at fibo 61 and support to move north
Possible price reaction on Gartley (?). Price indecision on 3h TF. SR and trend line should also keep the price from further drop.
Possible scenario for up move (correction) on USDCAD around 1.2500 - 1.2520 level, which is where the previous similar big move down was stopped in Apr/May 2016. After measuring Fibo it appeared that the SR are in line with 23, 38, and 61 Fibo retracement, which is where the up move can be stopped. Need to look for price reaction on lower TF.
Short on re test of SR area, Fibo 50 & according to the down trend line