The lower limits of the Violet and Blue channels at 0.9990 were tested, providing strong support for the USD/CAD pair.
Bullish rejection towards 0.9990 allowed USD/CAD to initiate a new bullish swing towards 1.0225 establishing a significant support level at 1.0050 and the newer one at 1.0125.
Retesting of Price Level 1.0125 will be also a testing of the lower limit of the Blue channel which maybe a good BUY entry then.
The Violet channel on the 4H chart is quite steep and narrow that predicted its breakdown on Monday, which is expected to reach the Price Level 1.0125 initially.
Price Zone 1.0235-1.0250 has resisted further upside movement this week providing Intraday Resistance for GBP/USD. However its breakthrough will probably allow the pair to make another bullish swing towards 1.0280 and 1.0320.

On the Hourly chart, the USD/CAD pair has been moving within the sideways Yellow and Blue channels and the narrow bullish Violet channel which represents yesterday's movement.
USD/CAD is currently testing the upper limit of the Yellow channel at 1.0225 which should provide intraday resistance in order to push USD/CAD to visit the lower limit of the Yellow channel at 1.0125.
It's important to note that the pair has Intraday Resistance at 1.0235 - 1.0245 levels, which if broken, will allow USD/CAD to resume its bullish movement within the violet channel towards 1.0280.

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