After price moving in an upward wedge it has now reached a major resistance levels on the daily time frame . It's next move will either be a good breakout to the upside or more downward move . We have a very important economic data today that's the inflation rate YOY of the CAD , expectations lead to a higher inflation which will lead to a weaker loonie , which will lead to an upward breakout . But any change in the inflation rate can be expected that's why we can take our position after the news , but mainly bullish in this pair due to the higher inflation expectations .