The daily chart of USD/CAD shows how a perfectly descending wedge is forming. Technically speaking these kind of patterns warn a breakout in this case to the upside. This pattern would only be valid if there is a close above the 50SMA and the main bearish trendline.
Remember that bears are taking control of USD/CAD and there are no poweful signs for a reversal on this particular pair.
On shorter time frames 1,06 support level held yesterday and today’s 200SMA (1hour chart) cancelled any bullish implications for the moment.
Daily & 1 hour charts
César B.Leiceaga
How to profit from FX Markets by 



Dear César,
I read your blog few times a day!
Thank you for your thought… I think the same. The current rise in USD/CAD is only a relief rally.
“The bear takes control in USD/CAD”.
I’m following this pair very closely. Please give your thought to this pair when there is any significant change.
Thanks again,
David
Dear David P,
Thank you for your comments, I really appreciate them.
I will weekly update a USD/CAD technical analysis.
Regards.