USD/CAD Wedge Break
Chart Prepared by Jamie Saettele, CMT
-Recent updates have noted that “a positive USD/CAD bias is warranted whilst above 1.2834 but be aware that trade since the May low could compose a wedge that gives way to the next down leg within a bearish cycle from the January high…USD/CAD is nearing decision time. A break below the trendline near 1.2900 (but really 1.2834) would favor the bearish wedge interpretation.” The bearish wedge has been confirmed. Risk is lower while below 1.3200.