I know a lot of people are thinking $USDCAD is about to retest highs. However, the contrarian in me can't get over the much higher and more stable oil price that is helping to add support to CAD, and the level of uncertainty in the world economy is shrinking day by day which is contributing to the "risk-on" sentiment becoming more attractive. As prices continue to move higher on the indexes, and commodities hold these higher levels, it is becoming more convincing to me that $USDCAD is going to breakdown and go back to the range it was in before the COVID-19 crisis. The uptrend line in purple would be the longer term target if we start to breakdown from this descending wedge pattern.