FX.co ★ USD/CAD Intraday Technical Analysis September 15, 2011

The importance of resistance level 0.9970 is previously mentioned in former articles.

We suggested having a short position around it (0.9969) with TP at 0.9910, 0.9830 then 0.9770.

The price went in our favor achieving the 1st TP at 0.9910.

We notice that the current daily candlestick tested the high of Yesterday's candle 0.9940 and failed to stabilize there.

On 4H chart, We have obvious sideway movement that started in August 4.

Now the pair is testing the short term low at 0.9890 then 0.9830.

We need to see strong break of these lows in order to open the way for further TP.

The remaining TP levels are 0.9830 then 0.9770.

SL should be daily closure above 1.0000.