By: Dima Chernovolov
USD/CAD continues to rise inside the 30-minute Rising Wedge chart pattern was previously identified by Autochartist. Autochartist measures the Quality of this Rising Wedge at the 4 bar level – which is the result of the slow Initial Trend (1 bar), below-average Uniformity (4 bars) and near-maximum Clarity (9 bars). USD/CAD is expected to continue the upward movement inside Rising Wedge – in line with the earlier upward reversal from the support area shown below.
As can be seen from the daily USD/CAD chart below, this Rising Wedge is continuing the earlier upward reversal from the support area located between the support level 1.3380, lower daily Bollinger Band and the 50% Fibonacci correction of the upward impulse from January. The upward reversal from this support area created the daily Japanese candlesticks reversal pattern Piercing Line. The proximity of the aforementioned support area and the strength of the uptrend visible on the daily charts both increase the probability USD/CAD will continue to rise inside this Up Channel.
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