According to the USD/CAD 1H Linear Regression Channel Chart :
Today the USD/CAD has managed to break the lower limit of the Yellow & Violet channels. Both of them are bullish so, the breakdown is considered as a bearish signal.
The backside of the lower limit of the broken channels at 0.9995 is now acting as Intraday resistance for the USD/CAD pair.
Also it is possible that Head and Shoulders reversal pattern will be formed on the chart, providing a low-risk SELL entry at the price level of the right shoulder around 0.9997-1.0007 which becomes confirmed with 4H closure below 0.9964.
Final Target Level for this H&S pattern will be located at 0.9900, while SL should be located above 1.0030.
