USDCAD sitting on a shelf.

USDCAD is sitting right on a level that has been showing a strong support/resistance over the last couple of days. This also happens to be a second fib retracement level. It has consolidated nicely, the overall trend is definitely bearish since the beginning of the month.

I am not one to base trades on candlesticks alone, but they can offer nice confirmation, and looking at the last few candles on the chart here, you can clearly see buyer struggling, had it not been for this support we're on I think it would have sold off already.

Look for a break under this level, wait for a retest and time a short entry for some nice gains!