USD/CAD:4H downtrend and short-term correction
Fibonacci correction up to 23.6% of the last upward movement.
price action: Pin bar at levels of resistance - negative signal
Indicators:
CCI(50) on Dayly under 0, CCI(50) at 4H under 0
RSI under 50 - movement stays short
CCI(14) went below 0 - possible new downward impulse
Alternative scenario: if price go over the top of the pin bar shadow, that will break the negative formation.
Stefan D. Angelov - Head of Stocks Trading
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