USDCAD - Potential Short Swing Trade on the 4H

This analysis composes around the potential descending triangle formation that we can see on the 4H chart which is also visible on the daily for added confirmation. In this trade idea I intend on entering a short position on a break of the descending triangle formation on the 3rd touch (confirmation) and targeting the 50 fib level which consists of a large area of support making it a good place for the take profit level. I expect that once the formation and structure breaks then we will likely see a retest to the base of the descending triangle before a further continuation to the downside.

Good luck.

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