The USD/CAD 4H Chart reveals the strong bearish rejection of price level 1.0050and is possibly forming a triple top reversal pattern.

The chart also illustrates the bearish breakthrough of the depicted bullish Yellow channel which is considered as a bearish signal.

Now the lower limits of the Violet & Blue channels at 0.9990 are being tested as the nearest short-term support level for the USD/CAD currency pair.

Breakdown of 0.9990 will probably lead to a quick decline towards 0.9955 then 0.9870.

The Hourly chart reveals a similar bearish view for the USD/CAD currency pair.

Not only the USD/CAD pair failed to maintain its movement within the bullish violet, but also it has broken the lower limit of the Bullish Violet channel & the mid-line of its sideway Yellow channel at 1.0015.

This indicates the obvious weakness of the bullish strength of the market and threatens about a coming bearish decline towards 0.9960 corresponding to the lower limit of the Yellow channel.

Based on the previous analysis:

SELLING the USD/CAD at retesting of the broken channel at 1.0015 is considered a valid entry.

TP levels should be located at 0.9990, 0.9960 and possibly 0.9925.

SL should be located above 1.0060.

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