The USD/CAD pair's 4H Chart revealed the strong bearish rejection of price level 1.0050 which pushed the USD/CAD pair to the downside towards 0.9990.
The lower limits of the Violet & Blue channels at 0.9990 were tested providing strong support for the USD/CAD pair.
Bullish rejection towards 0.9990 allowed the USD/CAD to initiate a new bullish swing towards 1.0125 establishing a significant support level at 1.0050.
The 1Hour chart of the USD/CAD isn't quite clear as the pair managed to breakthrough the upper limits of its movement channels then came back to trade inside them.
Price Level 1.0033 is important on the 1HChart as it corresponds to the lower limit of the Violet channel & the mid-line of the Yellow channel where price action should be watched for a possible BUY entry.
It's important to note that the pair has an Intraday Resistance level at 1.0090 which corresponds to the upper limit of the Yellow channel.
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