If the support level at 94.08 holds, we're going to see another rally in the coming days. The CAD has been neutral recently with a bullish touch - it is oversold now with a potential to strengthen. The JPY is as neutral as the CAD and may strengthen as well, which is one the key risk factors in this trade idea. However, I find a bullish scenario more likely to play out than any bearish one. The potential 0.618 retracement coincides to the pip with the 0.382 alternate price projection at 95.328 - and this is the level I expect to be reached, before we see new lows (below 93.9).
