USD/CAD Price Analysis: Wedge breakout fails to encourage bulls
USD/CAD is at the offer notwithstanding the falling wedge breakout on the 4H chart.
Tuesday's high of 1.3278 wishes to breached to affirm a bullish revival.
USD/CAD is suffering to collect upside traction notwithstanding a bullish continuation setup on the 4-hour chart.
The pair broke out of a falling wedge sample on Monday, signaling a continuation of the recent rally from the December low of 1.2951.
The post-breakout upside, however, stalled at 1.3278 on Tuesday, allowing sellers to push the spot lower back to levels close to 1.3250 where it is presently trading.
Tuesday’s high of 1.3278 is now the stage to overcome for the bulls. A break better would reveal the latest excessive of 1.3329.
Alternatively, if sellers manage to establish a secure foothold underneath 1.3225 (Feb. 17 low), additional losses in the direction of 1.3185 might be seen. That degree marks the 38.2% Fibonacci retracement of the rally from 1.2951 to 1.3329.
There was one double top in october 19 and one between nov and dec 19. And it went straight down after it. Made partial profits today and will wait for a new entry.
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