USDCAD fell after the BOC meeting on March 9 as we discuss in our earlier post but price contraction still ongoing. USDCAD is ready to test the upper line of the bullish wedge. If the price can break the 1.2595 or with a little rounding 1.26 resistance, USDCAD may target the 100-day moving average 1.2774 or Fibonacci %23.6 level, 1.2909 in the short-term.
Staying below the upper line may cause more contraction for USDCAD.
