This is an analysis of potential futur price movements for next week on USDCAD. According to the actual config we can reasonably think that the price will fall until the trendline around 1.2570-1.26. Then we bet for a rebound on the trendline to reach back the resistance at 1.2750-1.2800.
Another scenario, would be a breakout of the trendline at 1.2570 but we do not privilege this one.
The rising wedge pattern formed on the chart could let us think that a potential swing short could be interesting if the price make a new test of the resistance around1.2750.1.2800.
According to statistics, more than 90% of rising wedge patterns are broken down so a trend reversal after a breakout of the trend line would lead prices to 1.2350-1.2400.
Another scenario, would be a breakout of the trendline at 1.2570 but we do not privilege this one.
The rising wedge pattern formed on the chart could let us think that a potential swing short could be interesting if the price make a new test of the resistance around1.2750.1.2800.
According to statistics, more than 90% of rising wedge patterns are broken down so a trend reversal after a breakout of the trend line would lead prices to 1.2350-1.2400.