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USD/CAD In Consolidation Wedge

USD/CAD In Consolidation Wedge

The USD/CAD pair is in a consolidation wedge, and is supported by the daily 20 SMA. Buy a confirmed break out of the wedge to resume the bullish trend or sell a bearish break out of it to enter a consolidation, maybe even down to 1.27. On the monthly chart, the USD/CAD has been on an uptrend since July 2010. The pair seems however to be stalling around 1,333, under a 61.8 Fib resistance line. Should it reverse there, a bearish correction may happen, even down to the 50 Fib line around 1.27.

On the daily chart, we see the pair now ranging under that 1.333 resistance line, with the 20 SMA acting as a support.

USD/CAD Daily Chart

On the H4, the pair is even consolidating within a wedge, that may be used to look for buying/selling signals, but I would rather use the daily 20 SMA (= 120 H4 SMA) to enter a position.

USD/CAD 4-Hour Chart

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