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USD/CAD Turns Down before Proposed Wedge Resistance

USD/CAD Turns Down before Proposed Wedge Resistance

2016-09-29 20:21:00
Jamie Saettele, CMT, Sr. Technical Strategist
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USD/CAD Turns Down before Proposed Wedge Resistance

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-The trend has been higher since the May lows but the overlapping nature of the advance warns that the entire move is corrective (wedge aka diagonal triangle). The May-August trendline, which held earlier this month, is the trigger line for a pattern breakdown. In the interim, be aware of the late March high at 1.3296 as a pivot.

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.

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