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 consolidation range at 0.9845 which previously acted as support level.
After breakdown of 0.9845, the market went to the downside reaching the price level of 0.9635, achieving the full target for this range bearish breakout located at 0.9745 and testing the lower limit of the depicted bearish long-term channel.
The USD/CAD pair reacted strongly towards the upper limit of the depicted channel pushing the pair to the downside testing the Intraday Support zone 0.9720-0.9700.
Price level of 0.9840 still 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 0.9650. However, fixation above 0.9845 threatens again the bearish view confirming the possible bullish Head & Shoulders pattern depicted on the chart.
