USDCAD Bearish Pennant Projection.

FX:USDCAD   U.S. Dollar / Canadian Dollar
USDCAD Bearish Pennant Projection.

The pennant is usually continuation pattern and often appears halfway through a sharp move. This allows a target to be achieved by measuring the distance traveled from the initial breakout to the low of pennant and then projecting this down from the pennant breakout point. The pennant is a short term pattern, should we continue to move sideways beyond the pennant apex the situation would need to be re-evaluated.

Short Trade Set Up:
Entry at 1.33400 which would see the pennant low take out first.
Stop at 1.33700 if this analysis is correct we should not get back up here.
Target 1.32800 projected target form pennant and previous support level .