USDCAD is Trading in the Descending Channel Pattern. Within Descending Channel Pattern, it was trading in a rising wedge and given a downside breakout, as shown in the chart. According to chart pattern analysis, we might see more downside towards the support level . Short side trade can be initiated with proper risk management and stop loss, as USDCAD may trade in channel pattern for the longer term.

Thank You.

Vivek_Samale
Vivek_Samale

I have half a decade of experience as a trader and enthusiastically learning & developing new strategies in algorithm trading & also analyzing the companies with New ESG method.