The recent aggressive drop in USDCAD bounced higher@ 38.2 retracement level (by the pip basically) and made its way back above Pitchfork Median Line and consolidated there for days. What does it tell us? Well, the pair is well bid, that's for sure and taking into account the fact that we consolidated above the Median Line gives me every reason to be more bullish than bearish (short term). Also the recent drop from the highs comes down in a fairly steep angle which makes me even more suspicious about the bearish outlook.