The USD/CAD pair found resistance around the price level of 0.9915 corresponding to the upper limit of the bearish channel breaking down the lower limit of the current consolidation range at 0.9845 which previously acted as support before a valid BUY entry seen recently.
Price level of 0.9845 should be watched for price action at retesting as it will probably offer a valid SELL entry with target at the lower limit of the channel around 0.9730. However, fixation above 0.9845 again threatens the bearish view considering this breakdown as a trap for sellers.
For the long-term aspect, price level of 0.9945 is a strong resistance level. That's why price action should be watched there for a valid long term SELL entry.
