USDCAD 1.3293 – bullish – Consolidates within a 6-week rising wedge
USDCAD reached the 1.3371 high (November 16, 2015) before ranging within a 6-week rising wedge as shown on the daily chart. While the 1.3224 area (November 12, 2015 low) near 38.2% of the 1.2832/1.3371 upleg and the rising wedge support holds the pullback, scope remains for further upside through 1.3371 to focus 1.3456 (September 29, 2015 YTD high). However, a break below the 1.3224 area would caution for near-term topping and risk further losses towards 1.3191 (November 6, 2015 low) then 1.3116 (76.4% of the 1.2832/1.3371 upleg) near the 6-month rising trendline (from May 13, 2015 low).
Outlook:
Intraday: neutral
Daily: bullish while above 1.3224
Weekly: bullish
USDCAD reached the 1.3371 high (November 16, 2015) before ranging within a 6-week rising wedge as shown on the daily chart. While the 1.3224 area (November 12, 2015 low) near 38.2% of the 1.2832/1.3371 upleg and the rising wedge support holds the pullback, scope remains for further upside through 1.3371 to focus 1.3456 (September 29, 2015 YTD high). However, a break below the 1.3224 area would caution for near-term topping and risk further losses towards 1.3191 (November 6, 2015 low) then 1.3116 (76.4% of the 1.2832/1.3371 upleg) near the 6-month rising trendline (from May 13, 2015 low).
Outlook:
Intraday: neutral
Daily: bullish while above 1.3224
Weekly: bullish