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The bullish breakout off the depicted channel allowing the bulls to retest the price zone between 1.0910-1.0850 (50-61.8% Fibonacci levels on the daily chart) where a prominent congestion zone was previously formed.
The USD/CAD pair has failed to show enough bullish momentum above price level of 1.0950 during August then a double-top reversal pattern was expressed shortly at retesting.
As we mentioned before, bearish rejection was anticipated after such a long bullish rally that originated off 1.0650 and 1.0710.
A valid SELL position was suggested at retesting which took place last week. Initial bearish target is located around 1.0825 then 1.0770 (considerable Intraday support) .
Conservative traders should wait for higher entry levels to be retested especially around 1.0880-1.0900.
Daily closure below price zone of 1.0870-1.0850 confirms a long-term double-top pattern (on the daily chart) with its projection target located at 1.0770.
On the other hand, daily fixation above 1.0950 (50% Fibonacci level) enables the bulls to shoot towards 1.1020 and 1.1050 initially (very low probability in the meanwhile ).
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