USDCAD due for epic bounce and new highs very soon

The CAD strength (loony weekness) seen the last few days seems overblown and should be seen as a good opportunity for better entry to long USDCAD. CoT shows commercials have used this opportunity increase their net short positions which would suggest higher prices are incoming. Theres support at exactly 70.5% fib retracement...

I will start accumulating a short position here (1.31427) although aware we could see 79% with current trajectory (1.31050). Anticipating USD strength to continue over the coming weeks/months which should help loony reach new highs.

Trade closed: stop reached