If we look at the 1H USD/CAD chart, we see a market that has been in a bearish trend, but has been in a bullish correction against this trend. This bullish correction is taking the shape of a rising wedge and price is now testing the support of this consolidation pattern.USD/CAD 1H Chart 2/12(click to enlarge)We can also see the cluster of 200-, 100-, and 50-hour simple moving averages reinforce the wedge support. Now, if price clears below 1.3890, we might see an intra-session slide towards 1.38-1.3810, with the 1.3640 low in sight for the next week. If price clears above 1.3930, the rising wedge might still be in play, and pressure will continue to build against the 1.40 psychological level and resistance. A break above 1.40 opens up 1.41. To me a break above 1.41 will be needed to build the case for bullish continuation in the medium-term, which would open up the 1.46-1.47 area. USD/CAD 4H Chart 2/12(click to enlarge)If price holds under 1.40, USD/CAD still has downside risk. Especially because price would be under the cluster of 200-, 100-, and 50-period SMAs in the 4H chart, and the 4H RSI would likely remain under 60, suggesting maintenance of the bearish momentum.