Sell USDCAD Channel Breakout

The USD/CAD pair on the M30 timeframe presents a potential selling opportunity due to a recent downward breakout from a well-defined bearish channel pattern. This suggests a shift in momentum towards the downside and a higher likelihood of further declines in the coming hours.

Key Points:

Sell Entry: Consider entering a short position (selling) below the broken support level of the channel, ideally around 1.3580. This offers an entry point close to the perceived shift in momentum.

Target Levels: Initial bearish targets lie at the previous support levels within the channel, now acting as potential resistance zones:
1.3530: This represents the first level of support within the channel.
1.3511: This is a further extension of the downside target, based on the height of the recent price movement before the breakout.

Stop-Loss: To manage risk, place a stop-loss order above the broken support line of the channel, ideally around 1.3590. This helps limit potential losses if the price unexpectedly reverses and breaks back upwards.

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