EURCAD Channel Short Trade

Pair EURCAD is rising up in a ascending channel in M30 chart. Currently price is retracing after touching the channel's upper trendline. 

EURCAD M30

I am looking to enter short on break of this channel for a possible test of trendline on daily chart.


On higher timeframe, on daily chart, price has just broken above the trendline. Price looks quite steep and retrace is possible towards the trendline.
 

EURCAD Daily

Moreover currently is testing a horizontal resistance area. Previously on many occasions this area has provided good resistance so far.



On any pullbacks, I am expecting this trendline to hold resistance-turned-support. That area also comes at 200MA. 

A break of it exposes lower trendline.
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UPDATE 23-Oct-12 4:30GMT: Price has started coming south of the resistance area. 

EURCAD M15

EURCAD Daily

On M15 time frame, price broke the channel and it was a sharp move lower from the channel's lower trendline. 

On Daily timeframe price is coming down after 3 days of continuous gains.