The USD/CAD pair has bullish Yellow, Blue and Violet channels that represent the bullish movement of the pair during yesterday. However, the pair has demonstrated a strong bearish rejection towards 1.0300 indicating a possible bearish movement to target 1.0230.
Yesterday, Price Level of 1.0175 constituted a strong Intraday Support level that was defended by the bulls pushing the USD/CAD pair to the upside towards the upper limit of the Yellow channel at 1.0300 which is being tested now. However, breakdown of the lower limit of the Violet channel is expected to take place soon today.
As expected the breaking of Resistance Level 1.0215 opened the way towards 1.0260 then 1.0300 which was reached today.
Price Level 1.0230 still constitutes a valid low-risk BUY entry as it corresponds to the mid-line of the Yellow channel and to the lower limit of the Blue one.
 

Based on the previous analysis

The market indicates a possible SELL opportunity at the current prices 1.0280-1.0290 with minimal SL to be located above 1.0330 with TP levels at 1.0255 and 1.0230.

The market indicates a valid BUY opportunity either at 1.0230 with SL located below 1.0190 and TP levels at 1.0250 then 1.0300.

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Performed by Analytical expert: Mohamed Samy
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