USDCAD bearish wedge

Finally, now i can make a new analysis again :) I had to make the first one in a hidden chart because it seems we can post max 10 idea's a day :).

I have been watching this one for a couple of weeks now, looking at that bearish wedge on the left. But because i did not like the position AND the movement of it, i simply sat on my hands and did not touch it. Waiting patiently for something better to develop. That moment seems to have arrived now. If that yellow zone breaks we should see acceleration down. The first target we can see on the left, but depending on the violence and speed of the drop, we might see a drop like we can see on the left. But that is long term (weeks/month).

Comment:

Took a while but it finally broke the support. We should some acceleration coming days. It has to stay below the yellow former support.

Comment:

I have taken some profit now, and will keep the rest using those 2 red stops and will continue to lower them as we drop :)

Trade closed: target reached:

Stops hit for the second part, so have taken profit as mentioned above