USD/CAD
The price moved within the daily and weekly downtrend channel: scales consistency has been observed. However, within 24 hours of the market functioning, there was the acceleration of the downward movement with the daily resistance line breakthrough.
The ParabolicSAR trend indicator has updated its value at this line level, which confirms the bearish sentiment strengthening. It is worth paying attention also to the signal line breakthrough and the PivotPoints first resistance level: this moment is marked in yellow. There are no contradictions on the part of the RSI-Bars oscillator.
Pending sell order is to be preliminary placed below the closest minimum at 1.07196. Stop Loss can be chosen at the last peak at 102.344, which coincides with the PivotPoints historical support values: support and resistance are interchanged. Opening a position, it is recommended to wait until the ParabolicSAR values cross the preliminary Stop Loss level. Then Stop Loss should be moved after the parabolic values every 4 hours after the order execution.
Thus, we can optimize the return/risk ratio in our favor in the process of changing market conditions. If you decide to take a break from the market, the automatic Trailing Stop can be placed, taking the distance between the two previous fractal peaks into account. This distance is indicated by the double arrow on the chart above.