USD/CAD 1D Chart: Falling Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/CAD is sending mixed signals on the daily chart due to two formations with opposite implications. A double top at 1.3578 was established and then broken, but has not let the rate abandon it completely, but rather build up some bullish potential in a falling wedge formation. The wedge was broken to the upside at 1.3099 and we will look for a retracement of the broken area before levels above, such as 1.3193, 1.3206 and 1.3221 are attempted. The bottom Bollinger Band will cut the motion to the downside at 1.3024, and in case the double top ultimately takes over, a steeper downfall may be established.
© Dukascopy Bank SA
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