The buying pressure observed last July pushed USD / CAD to recover almost half of its price movement earlier. Now, the pair is trading between the 62.8% and 50% Fibonacci levels.
Since the previous movements formed a three-wave pattern (ABC), where wave A represents the buying pressure in July, then it is logical to open short positions in the market in order to set off another 50% pull back from 1.24. Place stop loss at 1.22 and then take profit on the breakdown of 1.28 and 1.47.
This plan uses both Price Action and Stop Hunting strategies.
Good luck!
