USDCAD - Will this pair roll over from here?

If we pay attention the higher time frames we are overall bearish with price failing to make a new higher high on the Daily TF and failing to break above the 78.6%.

Price has currently formed a triple top at resistance of 1.3340 which indicates the bears are defending this area.

Aggressive traders could take a more speculative entry at the top before price action presents us with stronger confirmation of a reversal.

However the safest entry and way to approach this trade would be upon a break of the 4 hour 50ema, a solid close below the CTL and then an entry taken upon some form of a retest. (see chart)

We can see that USOIL is potentially making a break for the upside as another added confluence to support this trade.

Downside targets should the Daily 50ema, 1.3100, and 1.3000 (which is the start of the correction).

Swing traders can hold to the -27% Fib.

IG: thetraveltrader