Daily Forex Update: USD/CAD

The intraday USD/CAD broke higher through resistance at 1.0720 (R), triggering a Rising Wedge buy entry as prices rallied through an unusually flat upper trendline. Thanks to high buying momentum accompanying the pattern break (confirmed by Autochartist’s Breakout reading of ten bars), prices were able to trade to 1.0746. Prices are now pulling back from this high, and it’s possible that the USD/CAD will find buying support between 1.0700 (S) and the horizontal level at 1.0720.