Daily Forex Update: USD/CAD
By: Dima Chernovolov
USD/CAD continues to rise inside the 30-minute Rising Wedge chart pattern which was previously identified by Autochartist. Autochartist rates the quality of this Rising Wedge at the 6-bar level – which reflects the above-average significant Initial Trend (6 bars), lower Uniformity (2 bars) and significant Clarity (8 bars). USD/CAD is expected to rise further inside this Rising Wedge – in line with the earlier upward reversal from the key support zone shown below.
As can be seen from the daily USD/CAD below, the pair recently reversed up with the daily Morning Star from the support area lying between the daily pivotal support level 1.6200 (which also reversed the price in November and December), 50% Fibonacci correction of the previous upward impulse from September and the lower daily Bollinger Band. The proximity of this support zone increases the probability USD/CAD will continue to rise inside this Rising Wedge.
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