USDCAD Buy Opportunity, Short Term Bearish Channel

Price has remained in the bearish channel since mid June. Price tested key support yesterday, where price rejected a bearish breakout. The current bearish trend could be attributed to the recent jump in the oil price.

Scenario One (Rebound): Price rebound from key support, continuing to move to the upside.

Scenario Two (Bearish Breakout): Price breaks through key support, pushing lower.

Comment: US GDP report coming out today! Watch out for increased volatility.