Trade of the Day: USD/CAD

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ChartViper Trade of the Day

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), above-average Uniformity (6 bars) and medium Clarity (5 bars). USD/CAD is expected to rise further inside this Rising Wedge.

As can be seen from the daily USD/CAD chart below – the pair earlier broke the resistance level 1.3565  (which reversed the price earlier this month) and the resistance trendline of the weekly Triangle from February. Both of these price levels are acting as the strong support levels after they were broken. The proximity of these support levels adds to the probability USD/CAD will continue to rise inside this Rising Wedge.

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