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USDCAD Short From 38.2 Fibonacci Region

FX:USDCAD   Dolar U.S/Dolar Kanada
FX:USDCAD             Massive Selloff in the Loonie from the Trading Range of 200 Pips following Positive Canadian Data and Weak USD GDP Fiqures. Price has Sold of Consistenly for 5 Days and could be due for a pullback. on an 1H Timeframe we have a cross of the Moving Averages to the Upside and a 4H Bullish Engulging Candle. Price is still however Stuck within a Channel pointed to the downside.

If We can Break out of this Channel we could Take a short position from the Fib Level of 38.2%. This is also in Line with a Cross of the 72 Moving Average on the Daily Timeframe .

Downside Targets of 1.2500 are Expected
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