USDCAD short analysis

6 Tem 2021

After a downtrend USDCAD started consolidating and then broke from it on June 16th and is continuing going upside. Last week USDCAD failed to make a new higher high and closed with a big bearish engulfing. Even though my bias is bearish for a short period of time on this pair, i will wait and see how it reacts from demand-1 area. Break below demans-1 will expose demand-2. I am more curious about demand-2 and see how it reacts from there. From that area a short buy can be placed after confirming a price action signal.