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The Canadian currency has been weakening for some time against other currencies with which it is paired. This is optimistic news for the pair with the US dollar as we see a stronger reaction in the pair. The strengthening US dollar and the weakening Canadian dollar created a strong move breaking all resistance. Corrections were made to the most important supports in order to go up further.
However, today we expect data for Canada that may slow down the movement. The forecasts are for an improvement in the situation in Canada against insignificant changes in the US, which may result in a pair correction. Before the data, we can expect a breakout to the resistance level (blue and red lines on the chart, from which I expect a correction). However, in the current situation, I would not go long until the price is at the wedge. Further range of motion may look like the second image.
