USD/CAD 1W Chart: Rising Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since June of 2012 USD/CAD has been mostly following a bullish tendency. Throughout this time interval the trading range has been gradually narrowing. As a result, the currency pair formed a rising wedge pattern, which implies that the current recovery may be nearing its end and the rally will soon be reversed, even though weekly technical indicators are mostly giving ‘buy' signals. In the near-term the price is supposed to be bearish—at the moment it is trading just below the up-trend resistance line and the monthly pivot point. The expected decline may be stopped by the rising support at 1.0370, but in the longer-term perspective it is likely to be breached.
© Dukascopy Bank SA
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