USD/CAD Price Analysis: Mildly bid, eyes falling wedge hurdle

• USD/CAD's daily chart RSI signals a bullish breakout. 
• The pair could challenge key resistance near 1.2811. 

USD/CAD is currently trading near 1.2740, representing 0.20% gains on the day. 

The 14-day Relative Strength Index has exited the multi-week-long bearish channel, signaling an end of the decline from late October highs and reversal higher. 

As such, the pair looks set to challenge the upper end of the daily chart falling wedge, currently at 1.2811. A violation there would confirm a falling wedge breakout and open the doors for a rally to at least 1.30. 

A break below the Dec. 15 low of 1.2688 would invalidate the immediate bullish bias. 

Daily chart

Trend: Bullish

Technical levels