USDCAD Daily Analaysis 1/12/20

USDCAD Short Idea

The Monthly & Weekly timeframes are both bullish, however, the daily timeframe is recently looking bearish.

We have seen a lower low formed and now price action is forming what has the potential to be a lower high around our 61.8% fib level.

If this 1.30000 area is broken and price action pushes higher this trade will be invalid until further confirmation.

Looking to target toward 1.28200, our -61.8% fib level if this daily bearish trend continues.