USDCAD - Descending Wedge Short Opportunity Approaching

FX:USDCAD   U.S. Dollar / Canadian Dollar
518 0 13
Greetings Fellow Traders,

I've been waiting on posting this USDCAD             update until we started to get much closer to one of the key technical levels that could be used as a trade opportunity. USDCAD             , as was expected has finally broken past 1.34 an create a new yearly high. We are currently trading just under 1.35. If you've seen my other USDCAD             analysis you know that we were trading well within a strong pattern called an Ascending Wedge . These patterns require a strong initial trend before forming and typically are a sign of a reversal relative to the time frame they appear on. In this case that means the daily/weekly chart.

I'm looking for price to reach the upper resistance on the ascending wedge shown on the chart above and looking to sell around 1.36-1.3650.

Please don't feel like you missed out of you don't get into the trade on the upper resistance...there is always a trade opportunity when it confirms the break of the lower support as well. Patience is key, let price get to a desired entry or no trade. I am also not saying that this is going to be the absolute high for USDCAD             ...remember the Wedge is still intact until the lower support is confirmed to be broken.

As a bonus, I don't trade OIL             but I do hear quite a bit about the correlation between USDCAD             and OIL             being inverse....look at the daily/weekly on OIL             ...Descending Wedge Structure.

Please do your own analysis before entering a trade. If you enjoy these posts, feel free to comment, follow, or "like"
Trade active: Short on USDCAD - Good Luck :)
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