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.
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.
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