USDCAD - Short

USDCAD is a pair which I will be monitoring closely upon the opening of the market - watching for price action to confirm a sell opportunity.

Price is currently at 1.2307 after rejection of the key level resistance - Would anticipate the downward momentum will resume following this.
4 Hour Fibonacci movement can be seen with price retracing to the 38% level before rejection and consolidation at this point.
Daily Fibonacci is also in action with price retracing to the 61% level and having a number of rejections of the resistance at this level.
MA crossover to the downside is also impending on the Daily chart which will also add further confluence to a sell trade
The DXY is also showing further weakness which will add further confirmation to the short of this pair
The weekly candle formation highlights a strong bearish nature of price meaning the long-term bias of the price should be short

Fundamental News to be aware of:
- USD - Building Permits - Forecast to fall
- USD - Fed Interest Rate Decision - Forecast to remain same
- USD - FOMC Economic Projections
- USD - Fed Chair Yellen Speaks
- USD - Core CPI (MoM) - Forecast to fall
- USD - Philadelphia Fed Manufacturing Index - Forecast to improve
- CAD - Core Retail Sales (MoM) - Forecast to fall
- CAD - Core CPI (MoM) - Forecast to improve

Target 1 = 1.2241 which is above the 0% 4 hour Fib level and confluent with a previous key level and a medium term uptrend line
On breaking this, a second target could be established to the 1.2180 key level but would need to see further confirmations from price action in order to enter.