Forex Trading Library
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USDCAD – Looking for a deeper correction

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Monthly: We had an impulsive rally from the 2011 low (0.9407) to the 2016 high (of 1.4690). The correction lower found buyers close to the 50% pullback level of 1.2049. Mixed trading for the last 27 months looks to have formed a bullish descending wedge formation. Spikes (indecision) can be seen for the last 3 months.

Weekly:  The weekly chart highlights the wedge more clearly (123 weeks of mixed price action). Trend line resistance is located at 1.3083. We have seen selling pressure this week from 1.3047

Daily: Strong selling pressure yesterday has left a bearish Marabuzo level at 1.2954 (mid-point from open a close). Bespoke resistance is located at 1.2936. Selling within this zone offers reasonable risk/reward for a deeper correction lower. An AB=CD formation is located at 1.2460

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