FX:USDCAD   U.S. Dollar / Canadian Dollar
168 3 4
The pair is currently in a overall bullish trend . BOC             pushed this pair back down to 1.24 today but the pair continues to bounce off 1.24. Since this wedge formation is in an uptrend it is technically a bullish signal. However, the fact that the pair cannot close above the wedge brings in more concern. The current setup is as follows:

The pair remains bullish until it closes below 1.2350. However, if the pair breaks and close above the wedge brings 1.2661 into the picture. A break of 1.2661 confirms this pair is ready to move higher and could threaten 1.30

Since we are nearing the end of this wedge and NFP on tap, get ready for some answers to the questions.

Full Disclosure: I am long this pair and have my stop just below 1.2350.
Hi,

What do BOC and NFP stand for?
Also, I see that for the support of the wedge you took the lowest low of the wedge, but for the resistance, you didn't take the highest high, but the 3rd swing high. why?

Many thanks!
Reply
TradersClassroom nonobeijing
BOC = Bank of Canada
NFP= Non Farm Payrolls (Amount of jobs added in a month)
I took the most recent swing high because if we break it, then the lower highs are over and we start to look for higher highs and higher lows
+1 Reply
Closed above 1.26.

1.2661 is still a critical level for me to see any follow through
Reply
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