USDCAD SHORT TERM REVERSAL
Looking at a potential 80/20 setup on this pair on the 4 hour.
If price does not retrace before reaching daily resistance, there may be an opportunity for a ~115 pip retracement, atleast to the 38.2 of the up retracement to gain enough momentum to continue to the upside, breaking daily resistance.
The alternative is that price can complete the fib sequence off of a shallow retracement and this potential play could be proven to be invalid.
If price does not retrace before reaching daily resistance, there may be an opportunity for a ~115 pip retracement, atleast to the 38.2 of the up retracement to gain enough momentum to continue to the upside, breaking daily resistance.
The alternative is that price can complete the fib sequence off of a shallow retracement and this potential play could be proven to be invalid.