FX.co ★ USD/CAD intraday technical analysis and trading recommendations for April 30, 2013

Price zone 1.0200 - 1.0235, which corresponded to a downtrend line, has been broken through obviously last week. There is a continuation of flag pattern confirmed with daily closure above 1.0210 to have final target at 1.0400. However, lack of bullish steam existed last week which was followed by the ongoing bearish impulse.
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 4H closure below 1.0250 (61.8% Fibonacci) and 1.0200 (50% Fibonacci) giving indication of a short-term bearish retracement targeting 1.0150 then 1.0100.
Price Zone 1.0100 - 1.0080 shall provide a strong support for the pair where price action should be watched.
Retesting of the backside of the broken bearish channel around 1.0120 probably provides a valid BUY entry with SL as 4H closure below 1.0075. TP levels should be located at 1.0200, 1.0250, 1.0280, and 1.0330.