USD/CAD 1H Chart: Rising Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since our last report on this currency pair, the US Dollar managed to increase rather noticeably against the Canadian dollar and it inevitably led to emergence of the rising wedge pattern on an hourly chart. Last time the lower boundary of the figure was touched on January 28 around 1.2450 and the pair successfully managed to rise up to the upper trend-line at 1.27. However, since the trading range is constantly decreasing, we see the cross trading mainly sideways in the near term, until the break-out happens to either side. Judging from technical indicators, the US dollar is likely to trade neutral, while SWFX traders are strongly bearish on the perspectives  of the Buck (63% of trades are short).
© Dukascopy Bank SA
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