USD/CAD 4H Chart: Broadening Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The American currency has just breached the support of the pattern, meaning that the chance of pair's decline has significantly increased. During last two days the Dollar has lost around 100 pips and is predicted to fall further. The closest important support level is located at 1.1083 (weekly S3, monthly PP), and if is crossed, then the USD/CAD may potentially drop down to monthly S1 at 1.0946 in the medium-term. Technical indicators, however, are sceptical about this idea, as short-term ones are mixed, while weekly studies even send bullish signals, while market sentiment is strongly bullish (74%), meaning that the pair has a change to return back into the boundaries of pattern.
© Dukascopy Bank SA
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