USD/CAD is trading just above flat for the session on Thursday. The price has broken and retested the wedge pattern on the 4-hour chart. USD/CAD 4-hour chart USD/CAD has been in a downward trend for a while coinciding with the oil market recovery. Today has been mixed for the pair as strong US data pushed the greenback higher. The pair is pretty much flat for the session as oil pushed higher once again counteracting the USD strength. Also the RBC Canadian manufacturing PMI number beat expectations adding some weight to the positive CAD story. The key feature on the chart is the wedge formation below. The price has now broken and retested the pattern and if the technicals play out we could see a further extension of the move lower. The target on the downside for the bears could be the wave low at 1.3315 although it is some way away from the current level. Looking at the indicators they are both still bearish. The Relative Strength Index hit the oversold zone and now moved higher. There is space for another move lower but we would need another round of selling momentum. The MACD signal lines are under the zero line and the histogram is already in the red. The only issue is the histogram bars diminishing in size, if the move lower is to transpire maybe some more momentum is needed. Additional levels FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Canada: International trade in goods is showing improvement after bottoming in April – NFB FX Street 3 years USD/CAD is trading just above flat for the session on Thursday. The price has broken and retested the wedge pattern on the 4-hour chart. USD/CAD 4-hour chart USD/CAD has been in a downward trend for a while coinciding with the oil market recovery. Today has been mixed for the pair as strong US data pushed the greenback higher. The pair is pretty much flat for the session as oil pushed higher once again counteracting the USD strength. Also the RBC Canadian manufacturing PMI number beat expectations adding some weight to the positive CAD story. The key feature on the chart… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.