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USD/CAD Price Analysis: Mildly bid, eyes falling wedge hurdle

USD/CAD is at present shopping for and promoting shut to 1.2740, representing 0.20% effective elements on the day.

The 14-day Relative Strength Index has exited the multi-week-long bearish channel, signaling an cease of the decline from late October highs and reversal higher.

As such, the pair seems set to challenge the greater end of the each day chart falling wedge, at present at 1.2811. A violation there would affirm a falling wedge breakout and open the doorways for a rally to at least 1.30.

A ruin underneath the Dec. 15 low of 1.2688 would invalidate the immediately bullish bias.

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