Photo by Michelle Spollen on Unsplash
USDCAD is in slow recovery on a daily chart, which clearly looks like an (A)-(B)-(C) corrective movement within wave B, where wave (C) can be slowly approaching the end within a wedge (ending diagonal) shape.
Wedge (ending diagonal) patterns consist of five waves 1-2-3-4-5 and we can see it moving within final leg 5 of (C). So, from a technical point of view, it can ideally stop around the 1.33 – 1.34 resistance area, and from there we will have to be aware of a strong bearish reversal back to lows.
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