USDCAD has reached earlier today our 1.25 target and is now trading at 1.2524. USDCAD continues trading inside the downward sloping wedge pattern and trend remains bearish as long as price is below the recent high of 1.2645.
Yellow rectangle- horizontal resistance area
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Blue line - lower wedge boundary and support
USDCAD found resistance at the yellow rectangle on March 30th and got rejected. A new lower low could come towards 1.23 as long as price is below 1.2650-1.26. In a post from March 31st we warned bulls that a pull back towards 1.25 at least was imminent.