Sell USDCAD Channel Pattern
The USD/CAD pair on the M30 timeframe presents a possible shorting opportunity due to the presence of a channel pattern.
Potential Short Trade:
Entry: Consider entering a short position (selling) only after a confirmed breakout below the support trendline of the channel. Ideally, this would be around 1.3750 or lower if the price continues to decline after the breakout.
Target Levels:
1.3652: This target is achieved by measuring the height of the channel (distance between the resistance and support lines) and projecting it downwards from the breakout point.
1.3607: This is a further extension of the downside target, based on roughly twice the height of the channel.
Stop-Loss: Once the entry point is confirmed, place a stop-loss order above the broken support line of the channel, ideally with some buffer around 1.3770. This helps limit potential losses if the price unexpectedly reverses and breaks back upwards.
Thank you
Potential Short Trade:
Entry: Consider entering a short position (selling) only after a confirmed breakout below the support trendline of the channel. Ideally, this would be around 1.3750 or lower if the price continues to decline after the breakout.
Target Levels:
1.3652: This target is achieved by measuring the height of the channel (distance between the resistance and support lines) and projecting it downwards from the breakout point.
1.3607: This is a further extension of the downside target, based on roughly twice the height of the channel.
Stop-Loss: Once the entry point is confirmed, place a stop-loss order above the broken support line of the channel, ideally with some buffer around 1.3770. This helps limit potential losses if the price unexpectedly reverses and breaks back upwards.
Thank you
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