Descending Wedge on USD/CAD

Descending Wedge on USD/CAD

The current technical pattern signals a possible correction of the USD/CAD currency pair after a significant collapse in early January. A classic reversal pattern of Descending Wedge (timeframe M15) has been formed in the trading instrument. At the moment, the USD/CAD quotes are consolidating. The key resistance is the round level of 1.33000. We recommend paying attention to this situation.

If the price fixes above the 1.33000 mark, a correction of the USD/CAD currency pair is expected. The immediate goal for profit taking is the resistance level of 1.33500. Within a few days, the USD/CAD quotes may reach the offer zone of 1.34000-1.34300. When following a position, we recommend using a trailing stop.

by JustForex 2019.01.08

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

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