USD/CAD continues to rise sharply after the completion of the extended Falling Wedge chart pattern identified by Autochartist on the 240-minute charts. The length of this chart pattern is equal to 126 candles. Autochartist rates the overall Quality of this chart pattern at the strong 7 bar level as a result of the maximum Initial Trend (rated at the 10 bar level) and above-average Uniformity and Clarity (both rated at the 6 bar level). This chart pattern continues the sharp preceding daily upward price impulse (whose strength is reflected by the high Initial Trend value) from the major long-term support 0.9500. The bottom of this chart pattern (point D on the chart below) formed when the pair reversed up from the 61,8% Fibonacci Retracement of the aforementioned preceding upward impulse (as is shown on the second chart below). This upward reversal led to the Breakout (whose strength is measured at the highest 10 bar level) of the upper resistance trendline of this chart pattern. The pair is expected to rise further toward the Forecast Area located between price levels 1.0361 and 1.0678.
The following 4-hour USD/CAD chart shows the longer-term picture of this currency pair’s movement:
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Daily Forex Update: USD/CAD
Published 11/02/2011, 07:03 AM
Updated 03/09/2019, 08:30 AM
Daily Forex Update: USD/CAD
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