USD/CAD Expecting A Reversal

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.

Disclaimer: None of the information or opinions expressed in this blog constitutes a solicitation for the purchase or sale of any security or other instrument. Nothing in this article constitutes investment advice and any recommendations that June be contained herein have not been based upon a consideration of the investment objectives, financial situation or particular needs of any specific recipient. Any purchase or sale activity in any securities or other instrument should be based upon your own analysis and conclusions.

This entry was posted in Stocks News and tagged . Bookmark the permalink.
0 0 votes
文章评分
Subscribe
Notify of
guest
0 评论
Inline Feedbacks
View all comments