The USD/CAD currency pair expressed a significant bearish reaction towards the upper limit of the Yellow channel at 1.0360 and then managed to break-down the lower limit of Violet, Blue & Yellow channels respectively. The market expressed a strong decline from 1.0360 towards 1.0162 where previous bottoms are located constituting a strong Intraday Support for the USD/CAD pair. Now USD/CAD has a significant Resistance Level corresponding to the lower limit of the broken Yellow channel at 1.0215 where price action should be watched. Selling USD/CAD could be too risky. However buying the pair around 1.0165 maybe a good low-risk BUY entry with minimal SL located below 1.0150. Now it's better to stay out of the market due to the very high volatility expressed today which may lead to persistent weak movement till the end of today's trading session.
Mohamed Samy is taking part in the "Analyst of the Year" award organized by MT5.com portal. If you like his article, please vote for him.