UCAD Bears Turn Liquid After 4% Decline From Feb. High

USDCAD has been trading in a Sideways Consolidation for 2 months now and last week finally delivered a Breakout!

After the massive rally to 1.47926, price immediately plummeted down to not only fall back into the Consolidation Range but to then Breakout of the Support of that Consolidation.

This Breakout is followed by massive Bearish Volume on top of RSI breaking down below 50!

Price has satisfied all the Breakout Rules determining its validity, now to wait for a Retest of the broken support around the 23.6% Fibonacci Level or approx. 1.43 area for potential Short Opportunities to take down to the 1.41 area!

Fundamentally,
USD:
Tuesday - Empire State Manufacturing Index/ President Trump Speaks
Wednesday - FOMC Meeting Minutes
Thursday - Unemployment Claims/ Philly Fed Manufacturing Index/ Crude Oil Inventories
Friday - Flash Manufacturing PMI/ Flash Services PMI/ Existing Home Sales

CAD:
Tuesday - CPI
Friday - Retail Sales/ BOC Gov Macklem Speaks