USD/CAD is very close to the upper triangle boundary and is also forming a bearish wedge pattern (upward sloping wedge). Upper wedge boundary is at 1.3240-1.3250 and lower wedge boundary is at 1.3170. A break below the support will open the way for a full 100% retracement of the wedge targeting 1.3030.
USD/CAD Daily Chart
USD/CAD H4 Chart
Oscillators are in overbought levels and should soon start moving lower, signaling a reversal for the pair. Unfortunately, I was not patient enough and shorted it at 1.3135 when I was supposed to be waiting and being patient. I will be looking to add to my short once the wedge is broken to have a better average price. 1.3250 is my line in the sand and the level where I would not want to see being broken on a daily basis.
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