The USD/CAD has stayed within a descending triangle pattern

The USD/CAD has found a good resistance at the 1.2700 level, but it has not been able to break below the 1.2400 level either. On the daily chart we can see that the price has created some type of descending triangle, even though the trend coming into the formation should be bearish. However, we can see a very well formed pattern with a good support at the 1.2400 level. If a downwards breakout happens, then we may get a very good opportunity to go short, especially if we do get a pullback to the 1.2400 level after the breakdown.