USD/CAD – Bearish Triangle in 4 hours chart

Trend is bearish in 4 hours time frame. Vital resistance is present at 1.3295 price level. Price has move up, which looks like a possible bearish Running Triangle pattern that belongs to Wave 4. Based on Elliott wave analysis, price should start the decline now to print bearish Wave d leg.

So, as long as price stays below 1.3295 resistance level, the trend is going to remain down and we could look for a sell trade. However; if price breaks above 1.3295 key resistance level then bearish trend is going to fail. In such case I will stay out of the market and re-analyze the price action in USD/CAD four hours chart.