USD/CAD 4H Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The US Dollar has been outperforming the Canadian peer already since July, when the pair traded around this year's lower levels and the down-trend ended. However, on 15th of September a rising wedge pattern started to form.
At the beginning of month USD/CAD set this year's high at 1.1467, since then we have seen a short-term bearish correction. Yet we expect the pair to prolong its up-trend and that most likely the 1.15 level will be approached. This technical indicators confirm this scenario as the daily and weekly ones are pointing to the upside, while an overwhelming majority (72%) of the SWFX market participants have opened long positions on the pair.
© Dukascopy Bank SA
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