USDCAD is testing the upper wedge resistance
USDCAD is testing the key level for the upside extension 1.2900. This is now the rising wedge upside resistance coupled with a strong long-term horizontal downside support. A break above this level is required for the upside extension. A rejection here and a break below 1.2830 would be a negative sign and indication that we will have a retest of a previous wedge bounce of 1.2580.
Note: you can take the short trade entries with the stop loss above 1.2900 and reverse to long trade entries if you are stopped out.
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