The USD/CAD in a bearish channel

On the daily chart of the USDCAD we can see that the pair has been in a bearish channel since late June. Every time the pair tried to rally, the upper boundary of the channel kept the price to the downside. Now the USDCAD is at the 1.3000 level, which could act as support. Below the 1.3000 level, its next support could be the 200 day EMA (blue line) at the 1.2942 level. The lower trend line of the channel could hold the price of the USDCAD in case of a bearish breakdown below the 200 day EMA could also hold the price, but a better support below that moving average, is the 1.2852 level. On the other hand, in case the price bounces to the upside, the 1.3100 level may act as resistance and above that level, the 1.3200 level could also act as resistance. In the longer term, a better resistance is the peak at the 1.3387 level.