Coin_Analyst
Short

USDCAD analysis: Bulls running out of time

FX:USDCAD   U.S. Dollar / Canadian Dollar
The 2 hour timeframe of the USDCAD is presented in this analysis. October 1, 2018 to Friday market close (November 30, 2018) shows price action contained inside of a rising wedge pattern.

The above mentioned chart pattern is ideally bearish and therefore calls for caution on the long (buy) side for the USDCAD . Price levels indicated on the chart 1.33559, 1.32521 and 1.31991.

A break above 1.33559 does imply a continuation of the current uptrend in the USDCAD .

Price breaking or closing outside of the wedge at ~1.32358 is bearish and a further break below the lower level of support (i.e. 1.31991) especially does provide a bearish bias for the USDCAD .

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