USDCAD wedge pattern

May 13

This pair is forming a bullish wedge pattern. The price is likely to break out to the upside in the near future, presenting a potential buying opportunity for traders looking to go long on this pair. However, currently the price is at a support zone, so we consider buying. Our target is 1.37266 price area.We anticipate a potential rebound from this support level, as historical price action suggests strong buying interest in this area. Traders looking to capitalize on this setup may consider entering a long position with a stop-loss below the support level for risk management. The target price of 1.37266 presents a favorable risk-reward ratio, offering a clear objective for profit-taking. Monitoring price action closely and adjusting the trade as necessary based on market dynamics will be crucial for maximizing gains in this trade setup.

May 16

Trade closed: stop reached