FX.co ★ USD/CAD Intraday Technical Analysis October 26, 2011

USD/CAD has been trending down inside a short-term bearish channel.

During the past few days, we had a false bearish breakout of our demand zone & 61.8% Fibonacci level.

We expect this was a false one as decline of the price took many candlesticks in comparison with the bullish candlesticks that took price again above those support levels.

Yesterday also we had a breakout of the bearish channel with successful retest, this indicates a bullish opportunity around 1.0100 with SL 4H closure again inside the bearish channel.

TP should be at 1.0150, 1.0190, 1.0220 and 1.0280