USD/CAD TECHNICAL ANALYSIS – Speaking POINTSBreak of Falling Wedge resistance hints USD/CAD uptrend is resumingNight Star candle
USD/CAD TECHNICAL ANALYSIS – Speaking POINTS
- Break of Falling Wedge resistance hints USD/CAD uptrend is resuming
- Night Star candle setup, vary resistance beckon additional affirmation
- Retail dealer sentiment research recommend that patrons have the higher hand
The Canadian Dollar could also be organising for the subsequent stage in a long-term decline towards its US cousin. USD/CAD broke by way of the higher boundary of a bullish Falling Wedge chart sample, suggesting that over a yr of consolidation has given solution to resumption of the rise from September 2017 lows.
Affirmation remains to be wanted nevertheless as costs relaxation squarely forward of vary resistance within the 1.3328-45 space. This barrier has capped upside progress for the higher a part of 6 months. A day by day shut above that may recommend patrons have reclaimed the initiative in earnest, broadly exposing the subsequent main threshold at 1.3521.
USD/CAD day by day chart created with TradingView
Zooming in a bit nearer nevertheless, the looks of a bearish Night Star candlestick sample at resistance warns that additional beneficial properties might but be aborted. This too requires additional affirmation nevertheless, with a day by day shut under rising trendline help establishing the 2020 uptrend wanted to neutralize upward stress.
USD/CAD day by day chart created with TradingView
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