USD/CAD 1H Chart: Rising Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
A short rising wedge pattern, only 63-bar long, has been formed by USD/CAD since October 22. After touching a one-month low of 1.0273, the U.S. Dollar gained momentum against the Loonie, rallying to 1.0436 on October 24; fast pace of appreciation is also reflected in the steepness of the pattern's boundaries. However, the jump seems to weaken the U.S. Dollar that breached though the down-trend support one hour ago, suggesting that the bearish breakout is possible but now it is not clear whether the pair broke the pattern in earnest or it is a short-term weakness.
© Dukascopy Bank SA
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Fri, 25 Oct 2013 06:17:36 GMT

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