Inside technicals and chart patterns by 
The USD/CAD has been trending lower towards support that is waiting just below the 1.0800 psychological level. This low was made June 1st at 1.0778. Expect support between these levels. This double bottom is interesting not because it necessarily set ups an entry — although if I find a time frame in a distribution cycle I will set up an inside-the-range play off a solid support or resistance are - but I digress.
This pattern is worth watching because if prices are able to rally once again off this floor there are a falling wedge patterns (shown here on the 60 minute time frame) on the short term intraday chart.
This would be a reversal trigger if prices are able to pierce the downtrend line resistance currently at 1.0840. If prices fail to break out, then the trend follow can be taken, in fact that should be the set up to watch for first as it’s often a failed trend follow that will trigger a reversal play.