SHORTING OPPORTUNITY ON USDCAD

Price action has formed an ascending wedge pattern on the 4hr chart and an inverse Head and Shoulders Pattern on the 30min/1 hr chart of the USD/CAD. Dailly chart shows price is between the 38.2 and 23.6 fibo levels. Thus, the possibility of price resisting this level is high. However, price might still retest the 50-60 fibo levels. In my case, I would wait for a retest of the upper levels of the ascending wedge-seeing as price bounced off the neckline of the H/S pattern-or a close below the neckline before shorting and aiming for the lower levels of the daily ascending channel. Happy trading this new week!