Price action on the 1/4 hour chart broke through aggressive support at the 13460 area price is going back to the origin of the big break. Price action has also breached the Bollinger band
showing upcoming weakness on the pair ( usdcad
). 2 entry points needs to be taken into account, 1 entry will be the conservative as you can set a short order at current price with a stop loss 25 points away. Giving the risk to reward 1.6 (rounded). The aggressive entry would be the trendline break
close strategy were price action need to close below the trendline
for a short order to be placed. but having this aggressive entry will decrease the risk/reward ratio.