USD/CAD Short Trade with a 4.93 R:R

Reasons for this trade (Step by Step):
1. On the daily time frame we broke out of a strong uptrend and trend line which had 5 bounces of support and 3 points of resistance.
2. After breaking out, we immediately mitigated our HTF supply zone which gave us enough liquidity and downside momentum for bearish Change in Character (CHoCH).
3. We then found the CHoCH supply zone and waited for price to touch (which happened last week)
4. My hypothesis (as projected on the chart) is in order to sustain a continued bull trend on the higher time frame, price will need to mitigate these lower demand zones (former support within trend line) and which hold large amounts of liquidity for buyers to take advantage of.

Confluence:
1. Golden Bounce – 61.8% if with Fib measured from previous low & Psychological support 1.20 to the Recent high of 1.47
2. Strong bounces off resistance with high volume at 1.379 & 1.365
3. Strong Support level at 50% Fib – can offer liquidity for further push down if support fails

Trade Details:
Stop loss is above our CHoCH Supply zone
Take Profit 1 = 61.8% Fib
Take Profit 2 = Lower demand zone/POI