Yesterday after the USD/CAD pair has shown quite strong bullish reaction towards 0.9925, the price level 0.9940 was considered as a valid BUY entry which wasn't reached before the pair had made another bullish swing towards its targets at 0.9970, 0.9990 and 1.0020. Based on the depicted hourly chart, the USD/CAD intraday bullish outlook is expected to have come to an end at price level 1.0050 which corresponds to the upper limit of the Yellow channel and the Average Daily Range for the pair roughly. The USD/CAD pair has an Intraday Support level at 1.0005 corresponding to the intermediate line of the Yellow channel which needs to be broken in order to make bearish movement towards 0.9960 ( the lower limit of the Yellow channel).
Based on the previous analysis:
The upper limit of the Yellow channel constitutes a low-risk SELL entry at Price Level 1.0050.
TP levels are to be located at 1.0010, 0.9980 and 0.9960. However SL should be located above 1.0090.
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