DislikedUSD/CAD ? Looks like it's going to continue ranging like a bitch as it has been doing. The fact that it may get to 1.0560 does not indicate direction of any kind to me. I'm not even trading the pair right now. That's 40 pips from open... hmm? Most pairs just took a breather to retrace (E/U,U/J, G/Y, A/U...etc) and now on the same course they were during last week (making bob a very happy puppy). If you want to trade a 40 pip retracement with a similar stoploss that is entirely your concern..
However pay attention to what mrdaniel said, it's a good idea to look out for bearish price action (You will PROBABLY see a pinbar much like the one you are playing now) around that level if it even gets there, then look for a break & close below the 1.0480 support.
THEN we have direction.Ignored
It is appreciated --------
Here is another point of View
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Divergence now appears to be occurring on this longer term 4 hr bar chart
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Be Aware ! ...........
( See chart below ) Double click on image to enlarge it .