FX.co ★ USD/CAD Intraday technical analysis and trading recommendations for April 17, 2013

Bearish rejection around 1.0300 was followed by multiple days of indecision within the same consolidation range 1.0225 - 1.0330 until the pair gave obvious daily closure below 1.0220 which opened the way towards the projection target at 1.0110.
Price level 1.0085 (61.8% Fibonacci Level) stood as a solid intraday support which provided a good BUY entry which is running in considerable profit now.
Price zone 1.0200 - 1.0235 corresponded to a downtrend line and Fibonacci 50% - 61.8% levels. It is depicted on the 4H chart. However, there is a continuation flag pattern being confirmed with daily closure above 1.0210 to have final target at 1.0400.
Retesting of the backside of the broken channel around 1.0210 provided a valid BUY entry as recommended yesterday. TP levels should be located at 1.0250, 1.0280, and 1.0330.