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USD/CAD Inching Towards Wedge Resistance

Jamie Saettele, CMT

DailyFX.com -


USD/CAD Inching Towards 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 and wedge resistance (slightly higher) as resistance.

For more analysis and trade setups (exact entry and exit), visit SB Trade Desk

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