USDCAD bullish – Strengthens within a 7-week rising wedge
USDCAD strengthens within a 7-week rising wedge (as shown on the daily chart) to offer scope for a return towards the 1.3436 high (November 23, 2015) near the 1.3456 YTD peak (September 29, 2015). A decisive break above the latter would confirm a bullish continuation pattern for the pair and suggest further gains towards 1.3585 next (March 2004 high).
However, a downside reversal below 1.3280 (November 25, 2015 range low) near the 20 day moving average and the rising wedge support would caution bulls and weaken towards 1.3224 (November 12, 2015 low).
Outlook:
Intraday: bullish
Daily: bullish
Weekly: bullish
USDCAD strengthens within a 7-week rising wedge (as shown on the daily chart) to offer scope for a return towards the 1.3436 high (November 23, 2015) near the 1.3456 YTD peak (September 29, 2015). A decisive break above the latter would confirm a bullish continuation pattern for the pair and suggest further gains towards 1.3585 next (March 2004 high).
However, a downside reversal below 1.3280 (November 25, 2015 range low) near the 20 day moving average and the rising wedge support would caution bulls and weaken towards 1.3224 (November 12, 2015 low).
Outlook:
Intraday: bullish
Daily: bullish
Weekly: bullish