USD\CAD - Wedge Update

As you can see the Head And Shoulders didn't form - instead, price bounced from the support trend line of the Wedge. Price is now struggling with the Resistance area of 1.1600.

Ranging trades are favorable because the Moving Average of Bollinger (20-period Simple MA) is flat, which means that trend is weak and ranging trades at support and resistance are encouraged. Upon a reversal candlestick formation at the 1.1600 we will enter a short trade. Wait for a strong reversal candles as the up-movement to the resistance level was strong.