Its seems bearish as it retraced back from 0.5 fib level and as clear from COT data lot of short positions are formed, during pullback, t get the good price , a very traditional method of pyramiding , target can be last low , it can move further as well.
1. SHORT, BECAUSE MAJOR DOWNTREND IS IN THE WAY
2. COT DATA IS SHOWING A LOT OF BEARISHNESS IN USD/CAD
3. WAIT TILL PULLBACK AND THEN TRY TO ENTER DO NOT ENTER NOW LET IT CORRECT FIRST THEN ENTER AT LOWER TIME FRAME
IN LONG TERM CHART PATTERN IT IS BREAKING DOWNSIDE CHANNEL PATTERN AND RETESTED AS WELL, ITS A GOOD TRADING OPPORTUNITY IN 1 HR TIME FRAME WHEN AGAIN BREAKING PRECEDING RESISTANCE WITH A 2:1 RR RATIO, COT REPORTS ARE ALSO SHOWING STRENGTH IN THIS CURRENCY.
Cipla is at a very crucial level and retested the resistance as well
if Cipla break its all-time high = 839 you can enter and get your target as 1:2
SL will be the previous low as per price action theory = 817