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USD/CAD Turns Down before Proposed Wedge Resistance

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09/29/2016 | 04:25pm EDT
DailyFX.com -

Daily

USD/CAD Turns Down before Proposed Wedge Resistance

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-The trend has been higher since the May lows but the overlapping nature of the advance warns that the entire move is corrective (wedge aka diagonal triangle). The May-August trendline, which held earlier this month, is the trigger line for a pattern breakdown. In the interim, be aware of the late March high at 1.3296 as a pivot.

For more analysis and trade setups (exact entry and exit), visit SB Trade Desk


original source

© FXCM 2016
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