2018Oct18 USDCAD H1 Bearish Cypher

USDCAD has been on a recent uptrend and price is currently in the potential reversal zone of a bearish cypher. Upon confirmation of the bearish bias, I will go short. The take profit target is set at the 38.2 Fibonacci retracement level of the leg CD. The stop loss has the same number of pips as TP1. Trade details are as follows:

Trade Setup: Bearish Cypher
Price Entry 1.30223
SL 1.30628 | SL pips 40.5
TP1 1.29818 | TP1 pips 40.5
RRR1 1.00