#USDCAD: Time For Pullback
USDCAD reached a key level.
Testing that, the price broke and closed above the resistance line of a falling wedge pattern.
I expect a pullback now.
Goals: 1.355 / 1.3577
This pattern signals an impending breakout to the upside and is considered one of bear markets’ most common charting candlestick patterns. A falling wedge pattern is usually seen in downtrends and may occur before a reversal occurs or after a trend reversal.
Source: https://forextradingstrategies4us.com/falling-wedge-pattern/
USDCAD reached a key level.
Testing that, the price broke and closed above the resistance line of a falling wedge pattern.
I expect a pullback now.
Goals: 1.355 / 1.3577
What is a falling wedge pattern?
A falling wedge pattern is a technical analysis charting pattern that describes a narrowing price range in which prices consistently decline. It’s often referred to as a bearish reversal pattern and is formed by two converging trend lines when the stock’s price has been falling for a certain period. Before the line converges, buyers come into the market, and as a result, the price decline begins to lose momentum.This pattern signals an impending breakout to the upside and is considered one of bear markets’ most common charting candlestick patterns. A falling wedge pattern is usually seen in downtrends and may occur before a reversal occurs or after a trend reversal.
Source: https://forextradingstrategies4us.com/falling-wedge-pattern/