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USDCAD Wedge Pattern

Posted on March 13, 2024 | by M. Mukherjee


  1. On 6th March, ADP Non-Farm Employment Change News gave us an Estimated change that could be seen following the news. When ‘Actual’ is greater than ‘Forecast’ it is good for currency; whereas the result of this news was the opposite where the Actual was 140K but Forecast was 149K. Hence In the USDCAD 1H chart, the market went bearish after the news release.
  2. The bearish movement was beautifully captured by the Hydra Trend Rider Indicator. The downtrend showed 150 PIPS movement.
  3. As of now, 13th March 2024, it can be seen that a rising wedge pattern has formed and a breakout also taken place. Hydra Trend Rider Indicator has clearly given a bearish signal based on multiple timeframe analyses designed with a specialized algorithm. A pullback was observed which was an amazing opportunity for pullback entry traders. After the pullback, the Market started going Bearish.
  4. For beginners, a target can be set till the base of the rising wedge, i.e., 1.34200.
    The target can also be set by measuring the length of the widest part of the rising wedge. Target approximately equals that length from the point of breakout.

Hope our analysis is helping the traders out there. For any questions, feel free to comment below, your doubts will be answered.

Disclaimer:

The content of this article is purely educational purpose does not give any trading advice to Buy or sell securities. All investing and trading in the securities market involve risk. IntraQuotes disclaims any liability for any damages or losses that may arise from using the information in this article. Traders are solely responsible for their own decisions and actions when choosing and trading with any broker. IntraQuotes disclaims any liability for any damages or losses that may arise from using the information in this content.

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