USDCAD – Daily | Bearish bias towards 50% Fib RetracementUSD/CADOANDA:USDCADazmi12321Market Structure Overview Price has recently swept liquidity above the previous daily swing high (~1.395–1.397) and was immediately met with strong rejection. Following the sweep, the market printed a clear Change of Character (CHoCH), signalling a potential shift from bullish to bearish structure on the daily timeframe. This setup aligns well with smart money distribution behavior: → Run buy-side liquidity → Structural shift (CHoCH) → Expansion to the downside Key Technical Confluences ✅ Liquidity sweep above prior swing high ✅ Bearish CHoCH after the sweep ✅ Failure to hold premium prices ✅ Draw on liquidity toward lower range ✅ 50% Fibonacci retracement acting as downside magnet Trade Idea (Conceptual) Entry: Short on lower-timeframe pullback after daily CHoCH confirmation Or continuation entry below recent structure low Targets: 🎯 Primary target: 50% Fibonacci retracement zone (~1.3700 area) 🎯 Extended targets below if bearish momentum sustains Invalidation: ❌ Daily close back above the swept swing high (~1.3970) Narrative As long as price remains below the swept liquidity high, bearish continuation is favored. The market appears to be repricing from a premium zone back into balance, with the 50% Fib level acting as a logical draw on liquidity.