© Dukascopy Bank SA
Greenback-loonie cross seems to have been developing very well in the frame of the Rising Wedge pattern. Directional moves were rather clean, with some minor corrections along the way. However, due to these corrections and overall assumptions of Rising Wedge pattern pair magnitude (of movements) rating is at its highest suggesting that there is a major change of momentum gains when the pattern is breached. At the moment pair is trading just slightly above the pattern's support and although short and medium technicals on aggregate point at depreciation of the pair, abundance of neutral individual indicators fails to convince us completely.
© Dukascopy Bank SA