CAD/JPY 4H Chart: Rising Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Canadian Dollar trades in a rising wedge against the Japanese Yen as a result of a breakout from a more than few years old triangle pattern. However, as the wedge is about to become obsolete, and a new pattern is set to reveal itself, the rate is more affected by something else. There are two notable Fibonacci retracement level sets, which have had a larger influence on the currency exchange rate than anything else. The wider retracement levels are measured by connecting the 2014 high level and the 2016 low level. The narrower retracement levels are measured by connecting the 2016 high and low levels.
© Dukascopy Bank SA
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