Here I have USD/CAD!
On the Daily Chart, we have Higher Highs into Higher Lows forming what looks to be a Rising Wedge!
Now on the 4Hr Chart I have an underlying Support Zone that I suspect price to test and bounce up from to test the Bearish Break of the Rising Wedge and if it holds, could continue lower!!!
Strengthening my Bearish Bias is the Daily RSI High's are flat where Price on the chart has been making Higher Highs showing a Divergence in the mix!! Along with the RSI heading back down below 50!
Fundamentally this week we had CAD HOLD their Rates @ 5% giving CAD considerable strength!
USD has had a rough week, showing SLOWING services and employment growth.
USD - Average Hourly Earnings, Non-Farm Employment Change & Unemployment (Fri)
CAD - Employment Change & Unemployment Rate (Fri)