The USD/CAD pair rose steeply approaching the key resistance level of the ascending channel around 1.0530 as depicted on the chart. Since then, the pair has established a consolidation range between 1.0450-1.0560 that expressed a false bullish breakout above 1.0555 which was followed by intensive bearish pressure that led to breakdown of 1.0450 and 1.0380 with a recorded low 1.0254.
As depicted on the chart, price zone 1.0325-1.0360 constituted a strong support area. However, strong bearish pressure off 1.0440 was applied on the pair to breakdown previous daily low at 1.0325. Today we should watch carefully as the pair needs to consolidate above 1.0325 to maintain the bullish momentum.
The next most significant resistance level is located around 1.0430 and 1.0460 (the previous congestion zone) where profits should be taken and the price action should be watched for possible SELL entries.
Our suggested BUY entry around 1.0250 is running in profits now, SL should be advanced to 1.0320 to minimize some risk.
Recommendation
Based on the chart above, our opinion is selling the pair around 1.0435 targeting 1.0335, 1.0280 then 1.0235 and SL as 4H closure above 1.0450.