Considering the Hourly Chart of the USD/CAD currency pair:

The Blue & Violet channels are almost transverse due to the range consolidation between 1.0055 - 0.9975 that took place in the last two days.

This Week, the USD/CAD intraday bullish outlook came to an end at price level of 1.0050 which corresponded to the upper limit of the Yellow channel and the Average Daily Range for the pair roughly.
After visiting Price Level 1.0050, the USD/CAD pair showed quite significant bearish price action. However, the pair has failed to break through the Support Level 0.9975. Instead, the pair showed bullish price action towards it.

Yesterday we hinted a possible Head & Shoulders reversal pattern with the neck-line at 0.9995 which seems to be a failure as the USD/CAD pair is likely to resume its upside movement within the bullish Yellow channel towards 1.0090 - 1.0100.

The USD/CAD has an Intraday Support level located at 1.0015 corresponding to the lower limit of the Yellow channel and the mid-line of the Blue & Violet channels.

Breakthrough and closure above 1.0055 corresponding to the upper limit of the Blue channel & the intermediate line of the Yellow channel opens the way for 1.0090.

Based on the previous analysis:

Price Level 1.0015 constitutes a low-risk BUY entry. However, a breakdown of price level 1.0055 is also considered as a valid BUY entry.

TP levels are to be located at 1.0035, 1.0070 and 1.0100. However SL should be located below 0.9970.

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