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USD/CAD Bearish Wedge Interpretation Gaining More Traction

USD/CAD Bearish Wedge Interpretation Gaining More Traction

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

USD/CAD Bearish Wedge Interpretation Gaining More Traction

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. The late March high at 1.3296 was tested twice last week so be aware of the wedge support line near 1.2940. Weakness below there could trigger a massive breakdown.

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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