USD/CAD 1H Chart: Rising Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The U.S. Dollar embarked on appreciation against its Canadian counterpart since the very beginning of the year. Examining the trajectory of the advance, we may draw two lines that would link the peaks and troughs of the pair, to put it in another way, the pair shaped a rising wedge pattern.
At the moment of writing, the currency couple was under a heavy selling pressure that started to push the pair down after USD/CAD hit a five-year high of 1.0992 in mid-January. According to the SWFX data, the instrument may prolong its slump given that 65.57% of market participants bet on depreciation of the pair.
© Dukascopy Bank SA
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