Happy pip has pointed out a bearish divergence in USDCAD. Here is my view on USDCAD which is also bearish. The pair is climbing the hill in the daily chart in line with a steep rising trend line. According to School of Pipsology, steep trend lines are more likely for a breakout. Here we can see that, yesterday’s candle closed as an indecision candle (Pin bar) which may boost the price for a descend.
I think entering on a short trade at 1.0235 which is few pips below the pin bar may be a good idea for the moment. Stop Loss can be just above the pin bar and TP levels may be at 1.0100 which is in line with the previous support.