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USDCAD: Descending channel suggests bearish US dollar.
The descending channel from 5th August acts as a pivot point for trend reversal as suggested by the numerous times price was tested and changed direction. Therefore, I predict that price will fall since it has touched the trend line of the channel. This resistance level is further implied by the fact that 1.31481 is the 0.236 Fibonacci retracement level, so price has clearly bounced off of it. The crossover of the +DI and -DI on the Directional Movement Index may also suggest a trend reversal into a downtrend.
In case my prediction turns out to be incorrect, a stop loss just after the 0.236 Fib retracement level would be most suitable as then the price would have broken the descending channel, making it lose its power of an indicator for trend formation.
Stop loss: 1.31569
Take profit: 1.29375
Risk/Reward Ratio: 2.06 (or possibly 1.2)
In case my prediction turns out to be incorrect, a stop loss just after the 0.236 Fib retracement level would be most suitable as then the price would have broken the descending channel, making it lose its power of an indicator for trend formation.
Stop loss: 1.31569
Take profit: 1.29375
Risk/Reward Ratio: 2.06 (or possibly 1.2)
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