USD/CAD 1H Chart: Rising Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
A jump to a five-year high of 1.1279 provoked a sharp depreciation of the U.S. Dollar against the currency of the neighbouring country, with USD/CAD losing over 420 pips during three weeks. However, after a slid to a three-month low the pair managed to change its trend by entering a rising wedge pattern.
At the moment of writing, the currency couple was sitting near the lower limit of the formation that is a sign of a probable breakout. Nevertheless, the pair's prospects are obscure since traders are not univocal on the pair– the proportion of short positions almost equals to the proportion of the long ones.
© Dukascopy Bank SA
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