USDCAD: Intraday Bearish Outlook Explained 🇺🇸🇨🇦

Short

U.S. Dollar / Canadian Dollar (OANDA:USDCAD)

Updated

OANDA:USDCAD U.S. Dollar / Canadian Dollar

triangle parallelchannel trendline usdcad priceaction priceactiontrading priceactionanalysis priceactiontrader priceactionstrategy containsimage

USDCAD is trading in a falling parallel channel on an hourly time frame.
I also spotted a descending triangle formation within.

The violation of a horizontal neckline of a triangle is a strong intraday bearish confirmation.

The price will most likely keep falling.
Goals: 1.3630 / 1.3615

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Comment:

After the market reached the first target,
the price bounced and violated a resistance of the channel, invalidating a trading setup

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