USD/CAD 4H Chart: Rising Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The risks are heavily skewed to the downside for USD/CAD. First, the price is approaching a tough resistance level represented by the September high. Secondly, the pair is forming a rising wedge, a pattern that is often followed by a sell-off. The point against such a scenario is the SWFX sentiment, being that the bears already take up 60% of the market, and it will be difficult for them to increase this percentage. Still, the base scenario is a dip through the up-trend at 1.3340. The initial target will then be the weekly S1 and monthly PP at 1.3290/80, while an additional strong demand area is near 1.3210, created by the weekly S2 and long-term moving average.
© Dukascopy Bank SA
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