The loonie is currently showing signs of exhaustion after an extended drop towards the 1.30400. Price action has repeatedly spiked towards the downside only to suddenly reverse. Looking for a possible breakout from the descending wedge formation to retest the trendline resistance. We may see further upside if the bulls manage to break through this trendline. With NFP in a few hours price action may once again spike to the downside before a larger reversal or continue to selloff into 1.2900.