Breakout or Fakeout. USD-CAD Top of Wedge Trade SetupsFor a more detailed analysis, see my former post linked below which highlights many points of confluence for a bullish trend continuation.
Here however I want to focus on our current move as we are approaching a strong upper resistance level .
On our weekly chart, we're approaching a large resistance level in the top of a HTF wedge and the bottom of a large supply zone that's been mitigated twice.
We just created a major CHoCH to the upside and though I do believe the market wants to break out of this wedge, I think another liquidity grab is necessary for buyers - perhaps a mitigation of the demand zone sitting just below.
I'm looking for a return to 60% levels within the wedge and a subsequent large upward move for a successful breakout.
For a short trade:
Look for a rejection at these upper wedge levels and await a CHoCH & BOS to the downside on the 15min
For a long trade:
Look for a bounce off demand zone and and await LTF CHoCH & BOS
