As can be seen from the following trade alert USD/CAD, the price just broke the Rising Wedge chart pattern identified by Autochartist on the 4-hour charts. USD/CAD is expected to reach the target level 1.0408 in the 3 trading days. Autochartist set the stop-level for this forecast at 1.06333 (B, the top of chart pattern). This point was formed last Friday when USD/CAD turned down from the resistance area embracing the long-term resistance level 1.0600 (which previously reversed the sharp weekly upward impulse in September of 2011) – located near the weekly upper Bollinger Band, as you can see on the next chart below. The pair has to break the intervening support level at 1.04705 (point A) in order to reach the target level 1.0408 in the next three days.
The weekly USD/CAD chart below highlights the aforementioned technical price levels:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.