USD/CAD Returns To Consolidation – Chance For Short?

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Breaking the upper limit of consolidation occurred already in April. Price after reflection from the top came under 61.8% of the abolition (1.37910) and rebounded to the south. Friday’s strong depreciation of USD/CAD brought price again to horizontal channel, simultaneously breaking Fibonacci 50% and March 1.3530:

The above-mentioned levels will play a key role in successive sessions, and with high probability will help us to decide to open a short position, aiming at lower limit of consolidation, which is almost 500 pips lower than the current price. Chart D1 at this point forms a bar pin under resistance – if session closes in that form, we will receive a signal to enter short. Find more at Comparic.com.