USD/CAD Trade idea

• Pattern Formed- Double top
   
• Loonie formed double top around 1.31300 and started to decline from that level. It is currently trading at 1.30462.
   
• On the down side major support is around 1.3000 and any break below targets 1.2969 (90 4H EMA)/1.29280 (200 4H MA)/1.2870.
   
• The pair’s resistance is around 1.3085 (4 H Kijun-Sen) and any break above will take the loonie  to next immediate resistance at 1.3130/1.31880.
   
• Short term bearish invalidation only above 1.31880.

It is good to sell on rallies around 1.3045-1.3050 with SL around 1.3125 for the TP of 1.2967/1.2925

R1- 1.3085.

 R2-1.31350

 R3-1.31880

Support

S1- 1.3000

S2-1.2969

S3-1.2925