USD/CAD 4H Chart: Broadening Rising Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Last time the USD/CAD currency pair touched the lower boundary of the present pattern in the second half of November. From that point of time the pair has been constantly gaining strong value and covered around 300 pips to the upside. At the moment it is approaching a tough supply zone, represented by weekly and monthly R1, which would like to turn the pair in the opposite direction. However, we do not support this scenario. Judging from technical studies, the Greenback will appreciate not only in the upcoming days, but also in the long-term. Moreover, as many as 70% of all SWFX traders are holding long opened positions on the US currency versus the Canadian dollar.
© Dukascopy Bank SA
Back to articles

Actual Topics

Subscribe to "Fundamental Analysis" feed

Subscribe
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.
To learn more about Dukascopy Bank Binary Options / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Crypto Trading / CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Business Introducer and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.