Will USD / CAD break out of the descending wedge?Published On: 29 Mar 2021, 9:00 AM | Jason Chua, Dealer
- The pair has been on a bearish trend since last year and has now once again tried to retest the resistance trend line.
- In this week, the price action would be a critical indicator of the pair movement.
- For the trend to turn bullish, bulls must be able to push the price above the psychological level at around 1.275. Bull traders can choose to wait for breakout confirmation or for the pair to re-test the bottom before buying.
- Failure to break level could potentially see another lower high and lower low. Bear traders could look to short the pair, with appropriate stop losses.
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