USDCAD Double Top Formation

Asset: USDCAD

Bias: Bearish

Price range: 1.3460 ~ 1.3478

Confluences;

• Retest of neckline of double top formation
  
• Break of valid 3 touch trendline
  
• Daily 200 EMA got rejected to the downside on the 26th of Jan
  

------------> Conviction of double top formation;

• Both tops formed at the opening level of 2023, which is also the opening level of the second quarter of 2023
  
• The peak of both tops occurred at the 50% of 2023's 3rd quarter bearish wave, which is also the 78.6% of the December bearish wave.
  
• The second top formed the 3rd touch of a bearish trendline on the Daily chart
  
• 
  

Invalidation level: A close above 1.3480

Volatility: FOMC on Wednesday. NFP on Friday

Trade active:

Price is forming beautifully.