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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).

*Phân tích thị trường được đăng tải ở đây có nghĩa là để gia tăng nhận thức của bạn, nhưng không đưa ra các chỉ dẫn để thực hiện một giao dịch.

Ralph Shedler,
Chuyên gia phân tích của InstaForex
© 2007-2022
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