Daily Forex Update: USD/CAD
By: Dima Chernovolov
USD/CAD continues to rise inside the Clear Falling Wedge chart pattern which was previously identified by Autochartist on the 4-hours charts. Autochartist rates the Quality of this Falling Wedge at the 8 bar level – which is the result of the above-average Initial Trend (6 bars), significant Uniformity (8 bars) and maximum Clarity (10 bars). USD/CAD is expected to rise toward the upper resistance trendline of this Falling Wedge.
As can be seen from the following chart, Autochartist also recently identified the Key Resistance level 1.3189 (of the type Approach) on the 4-hour charts. Autochartist measures the Significance of this Resistance level at the 5-bar level – which corresponds to the five earlier price reversals from this price level. The fact that this Resistance level coincides with the resistance trendline of the aforementioned Falling Wedge heightens the probability USD/CAD will continues to rise tomorrow.
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