USDCAD: Buying the retracement within the wedge

USDCAD daily remains bullish inside an expanding wedge. I am waiting for a retracement to support before considering a long position.

Lena Brandt·Jul 1, 2026·1 min read

USDCAD Daily

I am watching USDCAD on the daily. The structure remains bullish within an expanding wedge. After testing resistance, price is pulling back—this creates a potential entry near support. I only take the trade if the retracement respects the wedge support, as that keeps the risk manageable.

Comments4

Priya NairJul 1, 2026
Solid approach 📈. The expanding wedge keeps the bullish bias intact—just ensure the retracement holds above the prior swing low for a clean risk/reward setup. Patience pays here.
Tom FieldingJul 1, 2026
Wedge patterns break more often than they hold. Waiting for a retracement is fine, but that support level better be rock solid or you'll catch a falling knife.
Sofia ReyesJul 1, 2026
Interesting approach—buying dips inside a wedge can work well if the pattern holds, but aren't you worried about the expanding nature possibly signaling exhaustion before a breakout? Patience on that retracement level might be key here. 🤔
Hiro TanakaJul 1, 2026
Support looks thin until 1.3580-1.3600, where the lower wedge trendline and 50-day MA converge. A clean bounce there offers a better risk/reward than chasing current levels.