USD initial jobless claims came better then expected and that put the pair into retracement mode in NY session. Prior to that, USD experienced a strong sell off. Due to USD weakness and techs being aligned with fundies -USDCAD dropped perfectly following the techs. See the USDCAD analysis. DAX was also down 2 % and US equities were pretty high and correction was needed. Now we see a retracement in the form of V shape reversal and 119.20-119.40 region might give a resistance. There is a confluence of previous buyers/now moment sellers, 61.8, L3 and intra week trendline. Little below the level is also a confluence of L4 and 50.0 (119.14) though on V shape reversal, price might jump higher breaking that first l4/50.0 confluence. Anyway it should react at that particular level before coming to POC zone. That could be a another signal for a short towards daily lows at 118.40 which might happen later.
The analysis and the article presents Nenad's opinion. Remember, financial trading is highly speculative & may lead to the loss of your funds. Proper risk management is the Holy Grail of trading.
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