Buyers lean against lower channel trend line(s) but intraday ceiling developing
Be aware.
The USDCAD moved lower helped by higher oil prices (Crude oil is up $2.10 or 4.08% to $53.58. The high reached $54.51) after the Non OPEC production cuts. The price moved down to lower channel trend lines near the 1.3110 area. The price stalled and the correction rallied to 1.3143. There have been three separate highs at the level - creating an intraday ceiling at the level.
So the pair keeps the negative bias for the day with support from lower trend lines now near 1.3100 and then 1.3080 area, but has created a level (at 1.3143) that would be a signal line for buyers should the market reverse back higher.