### USD/CAD Key Points
- Massive bullish channel on the higher time frame charts.
- Price has rejected off channel resistance hard.
- Retesting a previous level of resistance on the way up, now as possible support.
USD/CAD Technical Analysis
While price has come off channel resistance, I have to say that you'd probably be a bit of a mug to be trading USD/CAD to the short side.
Always go with the overriding higher time frame trend if you can, and in this case, that's of course buying. Hence looking for buys as price bounces at support within the channel.
I'm not a mug, you're a mug... Look to buy these support levels that form!
You can see one such previous resistance level turned possible support zone forming pretty clearly on the daily chart above.
Now take a step down into the intraday realm and you can see the way price is respecting it pretty clearly. Yep, that's a few clear spikes down I've marked, only for buyers to immediately step in and defend it.
Go with the higher time frame trend and buy the mother fucking dip.
Best of probabilities to you!
Economic Releases to Watch Today
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GBP - Prime Minister May Speaks
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GBP - Average Earnings Index 3m/y
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CAD - Manufacturing Sales m/m (Tier 2)
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CAD - Wholesale Sales m/m (Tier 3)
Return from USD/CAD Bouncing Within Daily Ascending Channel to forexbrokr's Web3 Blog
