USD/CAD Stuck In A Tight Range
Martin Janson | Aug 23, 2016 06:58AM ET
USD/CAD Daily
After breaking the rising wedge formation last week, the rate has started the new week with an upside gap and is now testing the former wedge floor as the new resistance.
My bias is lower as the RSI momentum break and retest confirms the price action.
Any immediate downside move, however, is capped by the support created by the rising gap at 1.2860, and we need to see a break below to confirm further decline towards the longer-term rising trendline support around 1.2750 and the possible wedge breakout targets at 1.2500 and 1.2220.
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