Will USDCAD Break Out From the Channel?

After a fairly rapid decline and rebound of the price from the lower bound of the yellow channel, we saw a rapid rise in the market in the direction of the resistance level of 1.332, which is on the yellow bound.

The bulls almost reached this level. If we see a break above the resistance of 1.332, the market will open the way to the next important resistance level of 1.345.

However, if there is a rebound from 1.332, then the bears can take control of the price behavior. In this case, in the following trading weeks, we could expect a downtrend in the 1.291 area.