USD/CAD 1H Chart: Rising Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Having touched a six-week high in the end of October, USD/CAD fell off in vigour and retreated to a two-week low, a stab to which was a starting point of the rising wedge pattern that has lasted for 42 hours already.
Currently, the currency pair is attempting to surpass the lower boundary of the pattern after it dropped below it one hour ago. The pair seems to have enough strength to do this, meaning that this breakout is likely to appear false. Market players support this view, being bullish on the pair in 58.59% of cases.
© Dukascopy Bank SA
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