Trade of the Day: USD/CAD

By: Dima Chernovolov

USD/CAD continues to rise inside the 15-minute Rising Wedge chart pattern, which was recently identified by Autochartist. Autochartist rates the quality of this Rising Wedge at the 7-bar level – which is the result of the maximum Initial Trend (10 bars), lower Uniformity (2 bars) and strong Clarity (8 bars). USD/CAD is expected to rise further inside this Rising Wedge.

As can be seen from the daily USD/CAD chart below – the pair earlier reversed up from the support area located between the support level 1.3230  (former monthly high from July), lower daily Bollinger Band and the 61.8% Fibonacci correction of the sharp upward impulse from August. The proximity of support area and the clear daily uptrend increase the probability USD/CAD will continue rise inside this Rising Wedge.