Trade of the Day: USD/CAD

ChartViper Trade of the Day

USD/CAD continues to fall inside the 30-minute Falling Wedge chart pattern, which was previously identified by Autochartist. Autochartist rates the quality of this Falling Wedge at the 3-bar level – which is the result of the slower Initial Trend (3 bars), below-average Uniformity (4 bars) and medium clarity (5 bars). USD/CAD is expected to fall further inside this Falling Wedge.

As can be seen from the daily USD/CAD chart below – the price earlier reversed down from the resistance area located between the key resistance level1.285 (which has been reversing the price from the middle of 2012) and the upper daily Bollinger Band. The proximity of this resistance area adds to the probability USD/CAD will continue to fall inside this Falling Wedge.

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