USDCAD: Candles, Wedge Point Higher
USDCAD has been carving out a well-defined bullish Falling Wedge chart formation since the middle of last year, a setup reinforced by clear positive divergence on relative strength studies. Very early signs of a reversal may be emerging with prices poised to form a bullish Inverted Hammer candlestick. With that said, the setup is not actionable until we see a clear break above the wedge’s upper boundary (now at 0.9992) and we will remain on the sidelines for now.
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