The USD/CAD pair 4H chart revealed a strong bearish rejection of price level 1.0050, which pushed the USD/CAD pair 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 1.0155 establishing a significant support level at 1.0050.
Price Level 1.0100 is important on the 1H Chart as it corresponds to the lower limit of the Violet channel and to the mid-line of the Yellow channel where price action should be watched for a possible intraday position.
Breakdown of 1.0100 opens the way for Price Levels 1.0050 initially, then probably 1.0000. However, rejection with bullish price action towards this level will probably be a good BUY entry towards new higher levels.
It's important to note that the pair has an Intraday Resistance level at 1.0175 which corresponds to the upper limit of the Yellow channel which constitutes a valid SELL entry with SL located above 1.0205.

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