The USD/CAD Linear Regression Hourly Chart reveals:
The USD/CAD pair movement has been bearish since Monday, which has been kept within the depicted Yellow & Blue channels. However, the violet channel is slightly bullish due to the yesterday’s movement.
Today the USD/CAD pair made a bearish breakout outside of the violet channel. However, immediate bullish price action came thereafter.
Now the USD/CAD pair is retesting the backside of the broken violet channel and the upper limit of the Yellow channel at 0.9910, yet there's no recommended trade here unless the USD/CAD shows significant bearish reaction.
The suggested scenario is that USD/CAD can make a bullish breakthrough above 0.9910, which will be a valid BUY entry with SL to be located below 0.9860.
TP levels are to be located at 0.9960, 1.0005 then 1.0040.
