My bias on this pair is bearish because of the fact that a down trend can be observed due to lower lows and lower highs.Stichastuc is currently oversold and i will be waiting for the bulls to enter and influence the stochastic into the overbought zone. The fib retracement tool indicates that price is currently in the fib zone of 38.2 which in turn could mean a target of 161.8, which is a possible reversal it should also be noted that the fib retracement coincides with the WR1 pivot. Last week also saw some good numbers coming out Canada with regards to the Employment change, A positive trade balance as well as improved hourly earnings.
My bias remains bearish because of the fact that we are still in a down trend, the stochastic is overbought and so I will be waiting for a cross to the downside as well as a 5/8 cross to the downside for a short entry. I also expect price to come off the DR1 pivot with a target at DS1.