The USD/CAD bounces to the downside from the 1.1000 level.

The US Dollar tried to continue strengthening versus the Canadian Dollar and it even broke the 1.1000 level, but the upward momentum was not enough to keep the prices above the key round number and it created a doji with a long upper shadow, as shown on the one hour chart below. That doji with the long upper shadow was an indication that the uptrend was losing steam around this zone, and then we see a steep drop to the 200 period EMA, which also coincides with the 55 period EMA on the daily chart.

This confluence of EMAs around the 1.0972 area has been acting as a strong support zone. A breakout to the downside of this zone and then a pullback to it can give us a good opportunity to go short from there.