USD/CAD Testing Near Term Trendline Confluence
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 triggered and resistance is being tested now in the form of a slope confluence.
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