Currency analyst

USD/CAD: bulls won't give up easily

On the daily USD/CAD chart the bulls failed to settle above the upper border of the triangle, that increasses the risks of further correction. Resumption of the uptrend is possible only in case of return above July high.


On H1 USD/CAD the attempt of the bears to break the lower border of the rising channel was successful. The pair formed a widening wedge, and correction to the decsending 4-5 wave may be used to open short positions. The best scenario is the recoil from the horizontal resistance (retest). At the same time, the bulls may try to take back the initiative at 88.6% of the "Bat" pattern (1.3075).  

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