Wedge formation on CADCHF 4 Hrs chart

The orange line in the chart above is CADUSD . It is positively correlated with CADCHF as you can see. Recently the bullish momentum on CADUSD slows down and probably we might see the same thing for CADCHF .
The red line is weighted average CAD. Below is weighted average CAD and see how CAD has failed on each one THREE attempts to go higher. Look at any CAD cross and you will see these three failed attempts.

on 4hrs CADCHF we have an excellent trading opportunity. See the clear wedge formation below.

How about CHF?
CHF weighted average found some support for the last two weeks and bounced higher slightly.

In the worst case scenario it may break the current level of support and drop by about over 1%. This is equal to another rotation on CADCHF wedge formation shown above.

Comment: This is CAD Weighted Average. Amazingly it made FOUR attempts to go higher and today (First day of the month) it seems that finally it is going to give up.

Just watch the Fibo levels on the way down as your TP and get back in at any point where you think Bulls' SLs are.
Thanks and have a good weekend.
Trade closed: target reached

Dr. Ehsan Khansalar