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Two months ago, the USD/CAD pair rose steeply approaching the key resistance level of the ascending channel around 1.0530 as depicted in the chart. This happened when the pair established a consolidation range between 1.0450-1.0560 that expressed a false bullish breakout above 1.0555, which was followed by intensive bearish pressure that led to the breakdown of 1.0450 and 1.0380 with a record low of 1.0254.
As depicted in the chart, a prominent bottom was established around 1.0260.
Important level is located around 1.0505 (a previous mid-range). This was the key level for last week's movement as re-closure below it enabled the pair to breakdown 1.0455 too, where the lower limit of the depicted consolidation range was located.
The nearst support zone is located around 1.0330-1.0300, where bullish pressure is being applied today which is manifested in the current daily candlestick.
The current levels will probably push the pair again towards 1.0450. Lack of bearish follow-up is witnessed today.
The price level around 1.0455 remains the nearest considerable resistance for the pair, a valid SELL entry is recommended at retesting with SL located above 1.0500.
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