With Oil prices plunging toward a projected 47.80 a barrel (or below), There is no major reason to not continue bearish on the Canadian Dollar, and bullish on the USD/CAD. However, there is a strong possibility that the USD/CAD may currently be at support, or finding support near the 15 minute 200 EMA. With volatile activity at the 4 hour 21, price could also find reasonable support a 1.3320 to 1.3308 zone. That would be a different trade but the same trade set up.

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