USD/CAD 1H Chart: Broadening Descending Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The US Dollar is depreciating against the Canadian Dollar in a broadening descending wedge, as the currency exchange rate bounced off the pattern's upper trend line at 1.2904 on August 17. Since then the currency pair has been falling in accordance with the pattern, breaking through the weekly and monthly first support levels respectively at 1.2855 and 1.2832. In its fall against the Loonie the Greenback is set to encounter the second weekly support line at 1.2757 before it reaches the pattern's lower trend line at 1.2725. However, regarding the SWFX trader sentiment, the currency pair might go either way, as 58% of open SWFX positions are long.
© Dukascopy Bank SA
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