Intraday Technical Outlook:

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 that constituted a strong Intraday Support for the pair.
The USD/CAD pair has mid-term Bearish Yellow and Blue channels indicating a wide-ranged downtrend initiated on June 4.
The Violet channel is obviously bullish due to the strong upside move witnessed yesterday in respond to price level 1.0200. However, the pair managed to breakdown the lower limit of this channel.
USD/CAD has an Intraday Resistance Level located at 1.0325 corresponding to the upper limit of the Yellow channel and the backside of the broken Violet channel which constitute a valid low-risk Intraday SELL entry.
In the short-term USD/CAD remains bearish as long as the pair is trading below 1.0325. Otherwise, the pair is probably going to visit price level 1.0360 quickly.
Price Level 1.0360 is a strong Resistance Level corresponding to the lower limit of a previous congestion zone.
Price Level 1.0255 is a strong Intraday Support Level which should be watched for significant price action.

Trading Recommendations:

Price Zone 1.0315 - 1.0325 constitutes a valid SELL entry with SL located above 1.0380.

TP levels are to be located at 1.0300, 1.0255 and 1.0210.

Price Level 1.0255 should be watched for a possibly early exit of the suggested short position if the pair failed to break it down.

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