USDCAD is about to break the base to the upside

USDCAD has been consolidating in a narrow area around 1.33 level. Considering previous strong bullish sentiment for the US dollar and weakening oil prices, a descending rally for the Canadian dollar (conversely, ascending rally for USDCAD) may not be over yet. Now, we see a decent trade location on the chart and opportunity with limited risk and extended potential reward.