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Elijah_Trading

USD/CAD - Watch for Trend line Break and Fall Wedge

U.S. Dollar / Canadian Dollar (FX:USDCAD)  
Elijah_Trading Updated   
FX:USDCAD   U.S. Dollar / Canadian Dollar
Trend Analysis Technical Indicators Wave Analysis Forex Wedge Ascending Broadening Wedge
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trendanalysis indicator waveanalysis forex wedgepattern ascendingbroadeningwedge
Watching for the approach of this 29 month trend line. ABC correction seems to be complete as we're approaching the completion of the 5-3-5-3-5 leading diagonal into a potential bull run.

I'm looking to short at the top of the ascending wedge and we can break the trendline. The slight bearish divergence on RSI gives the hint that it should fall from the top of the ascending wedge.
Comment:
snapshot

Already showing to find some resistance at that trendline. I may look into getting into a short as the alternate count shows to be an ABC, which would fit into a theory of a 5-3-5-3-5 leading diagonal.
Comment:
FED rate hike seems to have kicked this trade up to wedge resistance. Original count seems to be playing out
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