On the USDCAD chart, we can see that the pair is breaking below the rising wedge formation 1.3050-1.3100 zone. This break lower is calling for a downside extension into the 1.2600-1.2800 zone. Now only a daily close above the 1.3150 level will invalidate the downside continuation.
Note: look for the short trade entries with a stop loss above the 1.3150 level.
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