USDCAD Channel Bounce

So after last week's USD breakout from the extreme lows of the 1.2's to slightly below Key level 1.2500, price this week opened with significant bearish retracement, as it generally looks to find more buyers before it can significantly push upwards. A breakout and retest from the intraday trendline (Orange) that has currently bound price, could send price all the way to a bounce off the swing trend (Purple) and could finally see price move onto the Upper Daily Channel Trendline (Light maroon) before any further reaction.
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