I Expect USD/CAD To Begin Falling

During the past eleven months we witnessed what looked like an endlessly developing flag on the USD/CAD charts.

In my opinion, that flag has fully developed now, with all necessary characteristics to be defined as such a pattern:
-Slightly converging trend lines.
-Four points at which the pair has reached them and a breakout at the fifth.
-A retracement to test the trend line the pair broke out below.

On the daily time frame, right below the broken through trend line there is also a well-developed barbed wire pattern.

At the moment the pair is consolidating right under the support trend line and if one is having a more aggressive trading approach now would be time to open short positions, but if they’re more conservative they could wait for the beginning of a move south in order to open such positions.

If the pair does begin falling the short positions could be opened from 200 pips higher than the initial breakout at 1.3175.

If it does move to the upside, then the target would be at 1.36, but I think such a scenario is not very likely.