Aurum Markets Blog Technical Analysis USDCAD – getting close to resistance of a Rising Wedge

USDCAD – getting close to resistance of a Rising Wedge

USDCAD – getting close to resistance of a Rising Wedge post thumbnail image

USDCAD is moving towards a resistance line which it has tested numerous times in the past. We have seen it retrace from this line before, so at this stage it isn’t clear whether it will breach this line or rebound as it did before. If USDCAD continues in its current trajectory, we could see it reach 1.4088 within the next 3 days.

Supported by Upward sloping Moving Average

Target: 1.4088 Entry: 1.3992 Stop: 1.396

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