novvoll12

USDCAD – bullish – Consolidates within a 6-week rising wedge

FX:USDCAD   U.S. Dollar/Canadian Dollar
55 0 0
USDCAD             1.3293 – bullish – Consolidates within a 6-week rising wedge

USDCAD             reached the 1.3371 high (November 16, 2015) before ranging within a 6-week rising wedge as shown on the daily chart . While the 1.3224 area (November 12, 2015 low) near 38.2% of the 1.2832/1.3371 upleg and the rising wedge support holds the pullback, scope remains for further upside through 1.3371 to focus 1.3456 (September 29, 2015 YTD high). However, a break below the 1.3224 area would caution for near-term topping and risk further losses towards 1.3191 (November 6, 2015 low) then 1.3116 (76.4% of the 1.2832/1.3371 upleg) near the 6-month rising trendline (from May 13, 2015 low).

Outlook:
Intraday: neutral
Daily: bullish while above 1.3224
Weekly: bullish
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