The USDCAD is developing a wedge.

The USDCAD found resistance today at the 1.4109 level which was the 61.8% Fibonacci retracement level of the last move lower. This coincides with a descending trend line from the recent highs back in March. With crude oil trying to stabilize, this may keep the CAD from depreciating too much near term, but expect buyers on dips below the 1.3900 level as we have seen a couple times in the last couple weeks.