FX.co ★ USD/CAD Intraday Technical Analysis and Trading Recommendations for March 15, 2012

USD/CAD currency pair is now testing the upper limit of both yellow and blue channels located around 0.9930-0.9940.

Yesterday we recommended to buy the pair at 0.9910 which got triggered and hit the first TP level at the current prices.

Now the pair is testing this resistance level and going either to break it, resuming its bullish movement towards 0.9980 initially, or will show bearish rejection to decline towards 0.9900 and 0.9870.

Breaking through Resistance area 0.9930-0.9940 gives the confirmation to keep the long positions taken yesterday. However, bearish rejection gives an early sign to get out of the rest of LONG-deals and consider taking a short-deal.