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Technical Analysis: USDCAD forms falling wadge near the multi-week low

Despite declining to the multi-week low on Wednesday, USDCAD forms a bullish chart pattern on the four-hour chart. The formation gets confirmed on the break of the 1.3145 resistance line. In doing so, the pair's run-up towards 1.3200 and 23.6% Fibonacci retracement level of 1.3260 can be anticipated. However, the pair's further advances will have to tackle multiple barriers around the 1.3290-1.3300 area.

On the downside, the pattern's support around 1.3090 offers immediate rest during the pair's further declines. If bears keep dominating past-1.3090, 1.3050 and 1.3000 will be on the sellers 'radar.

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