USD/CAD 1H Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/CAD took a bullish stance over the last week or so, just to fall into a rising wedge which is now building up bearish sentiment to trigger a sell-off after the bottom trend-line is breached. The pair has showed signs of a channel up as well, which could mean a prolonged bullish phase. However, strong resistance at 1.32 implies that this is unlikely to happen. In case the wedge is mature enough to break now, 1.3104 – the 55-hour SMA - will serve as the first support outside of the wedge, implying that a bounce towards the broken trend-line at 1.3116 is likely to consolidate the movements before a dive towards lower levels, such as the 100-hour SMA at 1.3029, takes effect. An unbroken pattern would mean a tap at the bottom trend-line and weekly R1 cluster (1.3137), with upside potential until 1.3223/24 - the upper trend-line, weekly R2 and daily R1 cluster. Aggregate technical indicators imply strong bullish momentum which might mean that the pattern is not ready to be broken just yet. With 1.32 being a significant resistance level, we are looking for a pattern break when this level comes along.
© Dukascopy Bank SA
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