The USD/CAD pair movement was sluggish bearish during the previous days of consolidation which is manifested within the transverse direction of the Yellow & Blue channels depicted on the chart. In fact, still there was no significant price action until Friday when the USD/CAD pair has broken its Resistance level around 0.9920 which was followed by another sluggish movement during this week.
Price zone of 0.9920 which corresponds to the midline of the Yellow channel is regarded as an intraday Support level for the pair. If it is retested successfully, this will probably allow the USD/CAD pair to make a bullish movement towards 0.9995 initially.
The USD/CAD pair has a significant intraday Resistance level around 0.9940 corresponding to the upper limit of the Blue channel which needs to be broken in order to resume the bullish movement aiming at higher targets.
Bearish breakdown of 0.9880 currently invalidates the bullish scenario.