Intraday Technical Outlook:

The GBP/USD currency has mid-term Yellow channel with transverse direction tending to be bullish. However, the short-term Blue and Violet channels are relatively bearish.
The USD/CAD has its mid-term Yellow channel tending to be bearish due to the strong bearish reaction expressed at the upper limit of the Yellow channel around price level of 1.0350 which was visited on Friday.
Last Week, the USD/CAD pair showed excellent bearish reaction towards Resistance Zone 1.0350-1.0365 which pushed the pair directly towards the lower limit of the Yellow channel around 1.0210 which constituted a strong Intraday Support for the pair.
Today, the USD/CAD pair managed to breakdown the lower limit of the Violet channels. However, the Weekly bearish Gap hasn't been covered yet rendering SELLING the pair risky at the current time.
The lower limit of the Yellow channel around 1.0185 will probably constitute a solid Intraday Support Level.
The USD/CAD has an Intraday Resistance Level located at 1.0275 corresponding to the mid-line of the Yellow channel which is expected to act as a strong Intraday Resistance.
In the short-term the USD/CAD pair remains bearish as long as the pair is trading below 1.0285 (the average daily range of the pair). Otherwise, the pair is going to make a strong bullish movement towards the upper limit of the Yellow channel around 1.0345.

Trading Recommendations:

- Price Level 1.0185 is expected to be a valid BUY entry with SL located below 1.0140.

TP levels are to be located at 1.0210, 1.0270 and 1.0310.

Price Level 1.0275 should be watched for a possible early bearish reaction.

If you like my articles, please vote for me in Analyst of the Year Contest by clicking here.