USDCAD Testing Support Level, Potential Bearish Reversal

Price is testing support level of the bearish channel. Nevertheless, price could move higher and test key resistance. Look for dollar for a potential bearish reversal.

Trade Step-ups:

Scenario One (Bearish Reversal): Price rejects a bullish breakout. Look for a move to key support of the bullish channel. Profit levels to look for are 1.2950 and 1.29 respectively.

Scenario Two (Bullish Breakout): Price breaks final resistance level. In which price consolidates above 1.3100