USD/CAD has recently broken out of the Ascending Wedge pattern which it has been forming since January.
USD/CAD broke out of a bearish wedge pattern it has been rising in during 2024. It stopped its downtrend, however, and returned back up to retest the lower borderline. This is likely a final test “goodbye”· before the pair resumes its bear move. US Dollar versus Canadian Dollar: 4-hour chart Downside following the breakout was curtailed and the pair turned around and climbed back up to the lower borderline of the wedge, where it currently trades.
The pair will probably “air-kiss” the borderline “goodbye”, therefore, before resuming its move lower. Bearish confirmation would probably come with a break below the last swing low at around 1.3466. The height of the wedge at its widest point extrapolated lower offers an eventual target for the downside move at 1.3302. For the cautious, more conservative estimates would be the low of the wedge at 1.3358, or possibly even the Fibonacci 0.618 ratio of the pattern’s height at 1.3374.
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