Potential rising Wedge on 1D TimeframeCurrently for EUR/CAD Price has been climbing steadily since February of 2025. With the initial weakness on the CAD due to Tariffs and then the Strength on EUR in late march of 2025 causing a 4 -5% increase in value across most EUR pairs. Now if we look at the daily timeframe we can see price is still making slow gains BUT!! we can start to see a formation of a rising wedge last Fridays poor NFP data Caused the DXY to plumet and in turn cause the EXY to rise as a result. Canadas poor unemployment and PMI fueled the strength in Fridays gains in the EUR/CAD.
While yes we made a new high on Friday at 1.62578 we did not however maintain and close above the previous high of August 22nd at 1.62084 we ended up closing at 1.62036. If you also take a look at RSI we are starting to show Clear as day divergence as price is showing a climb and RSI is showing a fall. This paired with the potential rising wedge has me looking for potential sell setups in the near term.
