USD/CAD Bearish Wedge Interpretation Gaining More Traction

Daily

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.

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