The break of an ascending wedge in USDCAD may have officially ended the pairs month-long congestion period. Since testing and turning at 1.07 earlier in the US session, the pair has charged back up and through 1.08. Technically, this clears last week’s intraday high at 1.0780 and a significant 61.8% fib retracement of the downleg from the February 2007 high to November 2007 low - holding almost exactly at 1.08. For resistance, there may be some hesistation at the 8/16/07 swing high at 1.0870, but the heavier stuff doesnt come in until 1.0975/1.10. Finding momentum now is critical to sustain direction. Otherwise a false break could encourage a strong bearish reversal.