USDCAD analysis: Bulls running out of time
The 2 hour timeframe of the USDCAD is presented in this analysis. October 1, 2018 to Friday market close (November 30, 2018) shows price action contained inside of a rising wedge pattern.
The above mentioned chart pattern is ideally bearish and therefore calls for caution on the long (buy) side for the USDCAD. Price levels indicated on the chart 1.33559, 1.32521 and 1.31991.
A break above 1.33559 does imply a continuation of the current uptrend in the USDCAD.
Price breaking or closing outside of the wedge at ~1.32358 is bearish and a further break below the lower level of support (i.e. 1.31991) especially does provide a bearish bias for the USDCAD.
The above mentioned chart pattern is ideally bearish and therefore calls for caution on the long (buy) side for the USDCAD. Price levels indicated on the chart 1.33559, 1.32521 and 1.31991.
A break above 1.33559 does imply a continuation of the current uptrend in the USDCAD.
Price breaking or closing outside of the wedge at ~1.32358 is bearish and a further break below the lower level of support (i.e. 1.31991) especially does provide a bearish bias for the USDCAD.
