The USD/CAD pair movement was almost sideways during the previous days of consolidation which is manifested within a slightly bearish direction of the Yellow channel depicted on the chart. In fact, still there's no significant price action until today. However, the USD/CAD pair is approaching the upper limit of the Yellow & Blue channels around 0.9955.
The lower limit of the Violet & Yellow channels around price level of 0.9915 are considered as an intraday Support for the GBP/USD pair and should be carefully watched while being tested for bullish price action in order to catch a BUY opportunity with TP levels located at 0.9950, 1.0030 then 1.0080.
Price level of 0.9955 corresponding to the upper limit of the Yellow channel is regarded as an intraday Resistance level for the pair. If it is broken, that will probably allow the USD/CAD pair to make a bullish movement towards 0.9995 initially.
Bearish breakdown of 0.9900 invalidates the bullish scenario for the current time opening the way towards bearish targets at 0.9940 then 0.9915.
