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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👉👉 Join My Telegram Channel :
✳️ Free Signals & Technical Chart : telegram.me/kabhifx
📞📞Telegram me @t.me/kabhidhan
✳️ Free Signals & Technical Chart : telegram.me/kabhifx
📞📞Telegram me @t.me/kabhidhan
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.