USDCAD: Closing Wedge attempts to Crack Pattern

USDCAD: Closing Wedge attempts to Crack pattern

 

The USDCAD pair is still forming symmetrical triangles, six weeks old, which signal the pair’s sideways momentum, although they are witnessing pullbacks late. Currently, 1.3340 and 1.3300 can support the pair immediately before the lower line is close to 1.3270 sellers of grab. If the quote falls below 1,3270, 1.3230 and 1.3200, it may become the favourites of the Bears. On the upside, 1.3400 acts as close resistance, a break of which can lead to 1.3435 resistance to the formation. In the past pair of 1,3435, 1,3450 and 1,4470, if additional strength exists, the short-term buyer will be entertained before 1,3510 is satisfied.

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