Since the USD/CAD bulls failed to show enough momentum above 1.1200 during the last visit on March 20, the pair has been downtrending within the depicted bearish channel which managed to push towards the price zone of 1.0910-1.0850 (50-61.8% Fibonacci levels on the daily chart) for few times.
The market has shown a significant bullish recovery around 1.0830 (bullish engulfing daily candlestick) aiming to push higher towards 1.0910-1.0950 where significant bearish pressure was previously applied on March 21.
The USD/CAD pair found temporary resistance around 1.0910-1.0950 that was able to pause the ongoing bullish momentum.
The pair was trapped within the depicted congestion zone until bearish breakout occurred to the bearish side of the market.
Bearish projection targets are located around 1.0725 where bullish price action will probably originate at retesting.
