USDCAD broke the WEDGE to the low - 1.3250 target

As I've mentioned in an earlier post (linked below) USDCAD was in a Rising Wedge formation.
It has broken it to the downside, and retested it only to bounce down again (as shown in the graph).

Price action has been choppy, with strong support around 1.3380 area. Once this level is cleared, I expect a move towards the 1.3250 level in the next couple of days.

Safe trading!

Iulian

Comment:

Unfortunately, the weak WTI has contributed to a weak USDCAD and the pair was not able to show a correction (in line with the USDollar decline).

The way the market looks right now invalidates the short and also points to a long opportunity at least in the short-term, with very good support in the 1.3360 area. Any stops should be placed below this level.