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25.11.202122:12 Forex Analysis & Reviews: USD/CAD upside continuation pattern

The USD/CAD pair dropped a little in the short term also because the Dollar Index retreated. The current drop could be only a temporary one. Technically, the retreat could bring new long opportunities.

Today, the US banks were closed in observance of Thanksgiving Day. In the short term, the greenback depreciated a little as the DXY was too overbought. Also, the Prelim GDP reported only a 2.1% growth versus 2.2% expected.

USD/CAD Falling Wedge

Exchange Rates 25.11.2021 analysis

As you can see, the USD/CAD pair is trapped within the Falling Wedge pattern. It's located above the 23.6% retracement level. Staying above it and making a valid breakout through the pattern's resistance could signal a new swing higher.

After reaching the Ascending Pitchfork's median line (ML) which represents a dynamic resistance, a temporary decline was natural. Personally, I believe that only dropping and stabilizing below the 23.6% level could signal a potential larger correction.

USD/CAD forecast

A valid breakout above the Falling Wedge's resistance followed by a minor consolidation could signal a new bullish momentum towards the Ascending Pitchfork's median line (ML).

*这里的市场分析是为了增加您对市场的了解,而不是给出交易的指示。

Ralph Shedler,
Analytical expert of InstaForex
© 2007-2022
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