USDCAD is moving towards a resistance line which it has tested numerous times in the past. We have seen it retrace from this line before, so at this stage it isn’t clear whether it will breach this line or rebound as it did before. If USDCAD continues in its current trajectory, we could see it reach 1.4104 within the next 6 hours.
A Rising Wedge has formed, USDCAD is approaching support. Can we expect a breakout and the start of a new trend or a reversal?
