Rising Wedge on USD/CAD

Rising Wedge on USD/CAD

There is an interesting technical pattern on the USD/CAD currency pair. At the moment, quotes are consolidating after a prolonged rally. Local support and resistance levels are 1.33500 and 1.33850, respectively. A classic technical analysis figure of Rising Wedge (timeframe M30) has been formed in the trading instrument. We recommend paying attention to this situation.

The "Rising Wedge" figure often acts as a reversal formation. If the price fixes below 1.33500, correction of the USD/CAD currency pair is expected. The immediate goal for profit taking is a round level of 1.33000. The movement is tending to 1.32750-1.32400.

Alternative option. If the price fixes above 1.33850, you need to look for entry points to the market to open long positions. The target movement level is 1.34500-1.34700. When tracking positions, we recommend using a trailing stop.

by JustMarkets 2019.03.06

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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