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   “¢   The pair was seen oscillating between two converging trend-lines on Friday and now seems to have formed a rising wedge on the 1-hourly chart.

   “¢   The contracting wedge has a bearish bias and given the pair’s recent upsurge to over two-month tops, would now be categorized as a reversal pattern.

   “¢   However, charting a trend reversal pattern on a shorter time frame might prove to be a risky proposition and thus, warrant caution for bearish traders.  

   “¢   Meanwhile, technical indicators on the 4-hourly chart remained in highly overbought territory but maintained their bullish bias on the daily chart.

   “¢   Hence, it would be prudent to wait for some aggressive long-unwinding trade before confirming that the pair might have already topped out in the near-term.

   “¢   Today’s important release of monthly employment details from the US (NFP) and Canada might act as a fresh catalyst for the pair’s next leg of a directional move.

USD/CAD 1-hourly chart

USD/CAD

Overview:
       Today Last Price:  1.3461
       Today Daily change %:  0.00%
       Today Daily Open:  1.3461
Trends:
       Daily SMA20:  1.3256
       Daily SMA50:  1.3288
       Daily SMA100:  1.3286
       Daily SMA200:  1.3175
Levels:
       Previous Daily High:  1.3469
       Previous Daily Low:  1.3414
       Previous Weekly High:  1.3308
       Previous Weekly Low:  1.3112
       Previous Monthly High:  1.3341
       Previous Monthly Low:  1.3069
       Daily Fibonacci 38.2%:  1.3447
       Daily Fibonacci 61.8%:  1.3435
       Daily Pivot Point S1:  1.3427
       Daily Pivot Point S2:  1.3393
       Daily Pivot Point S3:  1.3372
       Daily Pivot Point R1:  1.3482
       Daily Pivot Point R2:  1.3503
       Daily Pivot Point R3:  1.3537