Daily Forex Update: USD/CAD

By: Dima Chernovolov

USD/CAD continues to rise inside the 15-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 is the result of the slow Initial Trend (3 bars), strong Uniformity (8 bars) and significant Clarity (7 bars). USD/CAD is expected to rise further inside this chart pattern – in line with the earlier upward reversal from the support zone shown below.

As can be seen from the daily USD/CAD chart below, the price earlier reversed up from the key support zone lying between the strong support level 1.31000 (former strong resistance from March, acting as support after it was broken in June) and the 38.2% Fibonacci correction of the previous upward impulse from April. The proximity of this support area increases the probability USD/CAD will continue to rise inside this chart pattern.

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