USD/CAD continues to rise inside the 30-minute Rising Wedge chart pattern, which was recently identified by Autochartist. Autochartist rates the quality of this Rising Wedge at the 4-bar level – which is the result of the slow Initial Trend (2 bars ), low Uniformity (2 bars) and strong Clarity (8 bars). USD/CAD is expected to rise further inside this Rising Wedge.
As can be seen from the daily USD/CAD chart below – the price recently broke the resistance level 1.2800 intersecting with the 50% Fibonacci correction of the earlier sharp downward correction from May. This support area is acting as the support zone after it was broken. The proximity of this support zone increases the probability USD/CAD will continue to rise inside this Rising Wedge.
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