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Short

USDCAD - Wedges are continuation patterns!

FX_IDC:USDCAD   US-Dollar / Kanadischer Dollar
In the 2nd half of 2017, the USDollar             became increasingly weak compared to the Loonie. Maybe it's due to rising oil             prices. In Q4 2017, USDCAD             began retracing and forming a rising wedge pattern.

A wedge pattern that goes AGAINST the trend is typically a continuation pattern. As we see on the chart, the wedge was broken downwards.

Should the pattern hold, we will likely see USDCAD             test support in the neighborhood of 1.21 again. What happens after that point is crucial. If it breaks through convincingly, we could see this trend continue all the way until 1.12. On the other hand, if it bounces off support nicely, it may form a double bottom pattern and the trend will reverse.

Until then, it is advisable to get yourself some CAD. Or some oil             .
Kommentar: A closer look with 1D chart:

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