USDCAD Shows an Intriguing Opportunity Today

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After rebounding from the lower bound of the yellow channel, we saw a rapid growth of the market in the direction of its upper wall.

An obstacle to the price is the upper green bound and the resistance level of 1.323. If the bulls can easily break through this resistance, they will open the way to the next important resistance of 1.331.

The price rebound from the level of 1.323 can show a greater influence of the green channel on the price movement. If this channel really affects the market, then bears can move from its upper bound to the lower wall and support of 1.292.

Both options for market movement are shown schematically on the chart.


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