USD/CAD Falling Wedge
Radar Signal
Currency Pair:USD/CAD
Direction: Long
Trader Comments : A daily chart of USD/CAD reveals a falling wedge and could be an ideal setup in the event of the long overdue USD rally. With the majors at highs versus the USD and this highly bullish technical pattern present, we will be keeping watch of this pair. If there is a breakout from resistance of the upper trend line around parity we will wait for a retest of the bear trend line as support to establish a long position. If the pair falls back deeper in the wedge we will look to pick it up long from a new low around 0.9900. This would be a longer term trade and has great potential to go back above parity with a USD rally.
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