USD/CAD appears to be tracing out a classic Head & shoulders formation. As can be seen in this H4 chart, the left shoulder bottomed out at 1.3504 and the head was probably at 1.3977.
If do, the neckline (1.3504) of this formation was broken to the downside with the recent low at 1.3326 last Tuesday (Nov 15). The current rebound from this is corrective in nature. At the point of writing, this rise has retraced some 50% of the fall from 1.3571 to 1.3226. The idea is to position sell orders near the 61.8% retracement at 1.3439 and another at the 100% projection from 1.3326 to 1.3401 from 1.3300 at 1.3475.
#1 Limit Sell @ 1.3439. Limit Sell Order Filled Mon, Nov 21, 17:31pm.
#2 Limit Sell @ 1.3475. Order Filled Mon, Nov 21, 23:34pm.
All Stops @ 1.3590. Moved Stop to 1.3435 for all Positions Tue, Nov 22, 2234pm. Stopped Out @ 1.3435 Wed, Nov 23, 21:15pm +$76.46.
All Target @ 1.3050