Canadian dollar is much stronger against the US dollar. For the time being there is some chances that USD may rise little bit and then it will hard as per my analysis.
In the H4 chart, USDCAD is expected to test the 3/8 level, rebound from it, and then falling towards the support at the 0/8 one.The lines in the H4 and H1 charts are completely the same and confirm the scenario described above. 50-day and 100-day simple moving average (SMA) near 1.3350/40 could restrict the pair’s near-term declines, a break of which can recall...
FX:USDCAD
1. Price is currently in a rising wedge pattern
2. Awaiting the support level to be broken
3. Be aware of FOMC news later on (could be the catalyst for the move or violate the setup)
More details to follow once the setup has been validated.
