2018Oct24 USDCAD D1 Bearish Cypher

USDCAD has been on a recent uptrend and is at the channel resistance. This is in confluence with the formation of a bearish cypher. Price has been rejected at D completion. Upon confirmation of the bearish bias, I will go short. The take profit target is set at the 61.8 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 1.31314
SL 1.32648 | SL pips 133.4
TP2 1.29157 | TP2 pips 215.7
RRR2 1.62