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USD/CAD Holds 1.3000 - Bigger Wedge from May Low?

USD/CAD Holds 1.3000 - Bigger Wedge from May Low?

Jamie Saettele, CMT, Sr. Technical Strategist


USD/CAD Holds 1.3000 - Bigger Wedge from May Low?

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-I wrote last update that “the tight ‘coil’ could serve as the launch point for another run higher but be aware of a long term parallel that could induce failure near 1.3370.” Instead, USD/CAD failed immediately. Pattern since the May low is unclear but could end up as a large wedge (diagonal triangle). Watch the May-August trendline.

For more analysis and trade setups (exact entry and exit), visit SB Trade Desk

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.