CAD/JPY 1H Chart: Rising Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Canadian Dollar has rallied against the Japanese Yen for 237 hours, forming a rising wedge pattern that started on November 17. The pair fell below the lower trend line of the pattern for two times; however, it managed to return to the pattern's boundaries both times. At the moment, the currency couple is vacillating close to the highest level since September 20 and may attempt to jump above this peak to meet the daily resistance sitting at the pattern's upper boundary at 96.53. If overcome, the pair may witness a breakout that may be real this time given that convergence point of the pattern lines is nearing.
© Dukascopy Bank SA
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