Interesting to watch this one. We could continue to tighten in the range a little longer before a breakout, but I'll actually be watching for price to reject from the zone after a break lower.
Note
Price has continued to tighten in the wedge, with horizontal sup/res at 40.800 and 40.400 respectively. I'm still interested in a break of the wedge but the entry trigger will be a clear change in trend with price action showing weakness.Note
Price action isn't quite playing ball. We've taken 2 losses this month on USDCAD due to its erratic movements so I've been treating it like the back of a donkey since. This recent push down and quick reversal highlights it's current status. I was saying earlier that we'd have liked to see the consol a little higher to give us a definitive sup/res swing, but with the deeper break down that obviously doesn't help us enter at the current time.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.