USD/CAD Price Analysis: Bulls meet a firm daily resistance

• USD/CAD bears are looking to the daily trendline.
• Bulls attempt to break out of the channel.

USD/CAD was adding to its October gains while the price of oil climbed and hopes that central banks are nearing the end of their tightening cycles helped underpin investor sentiment. Additionally,  the Bank of Canada has already downshifted the pace of its tightening at an interest rate decision last week while the Fed is expected to hike interest rates by 75 basis points when its meeting concludes. Technically, the following illustrates the price breaking a key channel resistance:

USD/CAD H1 charts

USD/CAD daily chart

Meanwhile, however, there are scopes of a downside move into the broader trendline as the above chart illustrates. We have seen significant pull back already and resistance is serving a purpose, so far.