Bearish setup on USDCAD daily

FX:USDCAD   U.S. Dollar / Canadian Dollar
A bearish setup is forming on the USDCAD             .
Let it prove it wants to go down with price action and confirming indicators.
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Hmmmm... there is serious divergence... and today's candle just broke below your line. I assume its going to drop a bit more then restest, then drop deeper down...

I may have to really keep an eye out for just that....
Looking at this as well, I really like this setup.
I have an alternative to the upside, obviously only confirmation either side will sell, the Channel trend-line is part of the confirmation but not all

We are about to hit 618 of the large bearish pattern.
this is is confluence with the 1618 of a Bullish crab formed.
Also coming inline with support at channel Trend-line.
Swerver Swerver
a.b Swerver
@Swerver, agree.
We have a support on the 240 but nothing much on the daily so I'd be cautious if it bounces
+1 Reply
@a.b, Yup, reaction vs reversal :P, either way money to be made ;)
+1 Reply
My thought...any comment?
a.b menyuken
@menyuken, Appreciate your view. However that's a speculation with a 50% chance once it reaches the lower trendline.
Consolidations could extend forever... that's why I'm only interested in breakouts with confirming indicators.
+1 Reply
Agree, the bearish setup has been already started in 4H. Pay attention to the triangle breakout ;)
a.b menyuken
@menyuken, Which triangle? I'm not shorting until it forms a short setup
@a.b, you could find it from 4H...
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