FX.co ★ USD/CAD technical overview for May 3, 2011

The Canadian dollar is still in a downtrend. At the moment a slight correction movement is possible, which is indicated by the last formed fractal. The RSI indicator is in a neutral zone, but it is about to give a signal that this instrument is highly oversold. The Stochastic oscillator is in the oversold area while the trading channel index passed the -100 level.

Recommendations:

SELL: target – 0.9444 (low not broken), S/L – 0.9525 (the Alligator’s lips)

There are no chances of further upside movement, except for a correction