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The USD/CAD pair has been down-trending within the depicted bearish channel. This bearish trend started with retesting 1.1260 when bears initiated this extensive bearish impulse.
Two months ago, the bearish swing mentioned above was hindered at the price level of 1.0620. This price level corresponded to the lower limit of the channel as well as the backside of a steeper bearish one.
In August, bullish breakout off the movement channel took place. This enabled the current bullish Flag pattern to be established.
In one month, a bullish rally extended from 1.0620 reaching 1.0990 where the upper limit of the Flag pattern is located.
This price level corresponding to the upper limit of the flag is being retested again after the initial bullish rejection initiated on Wednesday.
Last week, the USD/CAD pair has established a recent consolidation zone between 1.0990 - 1.0850.
Four-hour fixation above price zone of 1.0990-1.1025 (50% Fibonacci level) confirmed the bullish flag pattern mentioned above offering a valid BUY entry.
Today, another opportunity to BUY the pair exists around 1.0980-1.0950 as the pair is currently retesting the previously broken resistance zone (it should act as support). Projection targets are located initially around 1.1235 - 1.1270. SL should be located below 1.0930.
On the other hand, a bearish head and shoulders pattern is being established on the 4H chart. Any bearish fixation below 1.0900 confirms the reversal. Thus, the buyers should be careful with their long positions around the current levels.
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