Easy Short setup on USDCAD

Hi Traders

I have found an Easy short setup on USDCAD. The structure is similar to that of EURUSD in regards to the false breakout. I have already entered the short on this one and I am confident that price may continue to push. When looking at the weekly, We can see that price is rejecting a weekly timeframe 1.28770. If you take a closer look we can see that price has created a double top pattern and is currently rejecting the level. I am taking the position based on this.

I have also drawn a wedge that has broken through and is now being retested, I would like to see price reject and then continue to push lower, The previous Bearish engulfing candle has also given me a strong enough reason to enter.

My target is based on the obvious support level at 1.27700 where I will take my full position off the table. Looking at the flip side If price breaks above the 1.2875 level I will be out of the trade.

Remember to plan your trade accordingly and do not over risk on your positions.

Renaldo Philander