Yesterday's short plan for USD/CAD is fully justified. My expectations regarding a false breakout to the upside have been confirmed. The bulls ran out of steam right at the highs. There was no consolidation above the important level of 1.3848. Limit sellers strongly defended their positions from above. The situation has become clearer on the daily Market Profile. The price clearly bounced off the upper boundary of this prolonged sideways movement. The false breakout above the trend line ended with a return below the slope. The pair is falling back inside the wide trading range. The profile is empty at the top, but buyers were not allowed in there. Currently, the pair is confidently falling. The path to the lower boundary of the trading range is open. My first target at the level of 1.37230 is already close. I will take profit on half of the position there. Next, I plan to extend the shorts lower. I am keeping the main take profit in the range of 1.3620-1.3670. This is where a significant volume was traded and the core of buyers is sitting. The bears are in control. I am calmly holding onto the shorts.
