USD/CAD slowed near support level around 0.9850 forming a channel up pattern on the 1H chart. The formation has 61% quality along with 54% magnitude in a 58-bar period.
The price rebounded from its eight-month low around 0.7950, then was capped at 0.9894 and fell to the support level 0.9832. The price is fluctuating below 200SMA indicator, while indicator is decreasing during last bars, which leads to a possible bearish breakout. If the price breaches the support level around 0.9845, the initial target for bearish traders might be around 0.9809/15.
The total bias on 4H and 1D chart is bullish. The Stochastic indicator reached its oversold area and gives bullish signals, while RSI remains neutral. If the pair recovers from the support level around 0.9846, the first target for long traders could be around 0.9873, where the SMA200 lies.