USD/CAD awaiting next confirmation...

These past few days we have had our eyes on USD/CAD which is at a crucial level. Approaching 1.2500 this level is likely to be achieve shortly being a 4-hour fib D extension level, but then are we going to break the supportive structure looking left or are we going to revisit the descending trendline?

It is possible for a sharp movement back up if the dollar can gain strength over the remaining jobless claims and sentiment for this week. Further downside momentum could also lead the pair 100-200 pips lower so we are patiently awaiting confirmation. Overall we are anticipating a bullish correction on this pair.