USDCAD Technical Analysis (Chart Review)

Key Levels:

Entry Point: 1.38228

Stop Loss: 1.38359 – 1.38300 (zone)

Target Point (TP): 1.37429

📊 Technical Breakdown:

Rising Channel:
The pair has been moving inside an upward channel (highlighted in blue). However, it is nearing the top resistance zone, which may act as a reversal point.

Entry Zone:
Around 1.38228, a potential short entry is marked. This aligns with resistance and overbought conditions within the channel.

Stop Loss:
Placed slightly above resistance (~1.38359) to protect against a bullish breakout continuation.

Take Profit (TP):
1.37429, which coincides with the lower boundary of the channel and previous structure support. This gives a risk-to-reward ratio of roughly 1:3, favorable for sellers.

Momentum Outlook:
If sellers hold below 1.3822, bearish momentum could push price toward the target. A break above 1.3836 would invalidate the short setup.