Sell USDCAD - H1 Ascending Triangle

USD/CAD H1: Ascending Triangle Hints at Potential Downturn, Shorting Opportunity Emerges!

The USD/CAD pair on the H1 timeframe presents a potential selling opportunity due to the presence of a well-defined ascending triangle pattern. While ascending triangles can be continuation patterns, a breakdown from this pattern, especially on higher timeframes like H1, suggests a higher likelihood of a trend reversal towards the downside.

Key Points:

Sell Entry: Consider entering a short position below (ideally around 1.3600). This offers an entry point close to the perceived shift in momentum.

Target Levels: The initial bearish target lies at 1.3460.

Stop-Loss: To manage risk, place a stop-loss order above the broken resistance line (rising trendline) of the triangle, ideally around 1.3630.

Thank you.