After the USD/CAD pair broke below 0.9845 the market went to the downside. It reached the price level of 0.9635 testing the lower limit of the depicted bearish long-term channel which expressed a considerable bullish strength.
The USD/CAD bullish movement managed to break above the upper limit of the depicted long-term channel (0.9725) which was considered to be a bullish signal in the long term with a possible bullish 123 reversal pattern appearing on the DAILY chart targeting 0.9980.
Intraday Price Action towards 0.9730 (61.8% Fibonacci) should be watched for a valid Intraday BUY entry.
Price zone 0.9820 - 0.9850 is an intraday resistance zone. In order to resume the targets for the bullish patterns targeting around 0.9980 there should be a break above the intraday resistance zone.
Fixation below price level of 0.9650 breaking the established bottom around 0.9740 invalidates the bullish scenario for the current situation.
