USDCAD ShortOANDA:USDCAD
The technical analysis of the current market conditions reveals a bullish channel coexisting within a bearish trend. This implies that the breakage of the channel's lower boundary would trigger a subsequent bearish trend. The current price point has reached the channel's apex, and there is a possibility that it may retreat to the lower boundary, even breaking it and further descending. It is, however, imperative to note that such a trade is inherently precarious. A small stop-loss and a large risk/reward ratio should be implemented to mitigate this risk. Therefore, it is vital to exercise utmost caution and carefully manage the associated risk.
