USDCAD short with a stop loss at 1.345

TP is open but I am looking to swing this down to 1.275 levels again. The Dollar Index is facing resistance on the H4 and Daily timeframes and USDCAD is at resistance as well with bearish engulfing candles in place. Risk:Reward looks nice as well. The Stop loss is 40-50 pips away depending on entry.