USDCAD: Rising Wedge

USDCAD, Daily

In the Daily timeframe, USDCAD formed a rising wedge pattern in a long-term bullish trend. The price fell to the lower trend line, testing the critical support and MA100, which creates two possible scenarios.

• If the price breaks the lower trend line below 1.3700 and MA100, the drop will be to 1.3600;

• A rebound from the trendline would bring USDCAD back to 1.3790 and then to 1.3880;