FX.co ★ USD/CAD Intraday Technical Analysis and Trading Recommendations for March 16, 2012

The USD/CAD pair has managed to break the upper limit of the violet channel for the past few hours. Presently it has a rejection from the intermediate line of the yellow channel.

Therfore, the area 0.9900-0.9915 is considered as good Intraday support level as the backside of the broken channel & the lower limit of the yellow channel are located there.

Bullish Presence at this support zone & successful testing will allow the pair to reach the 0.9970 level.

A breakdown of 0.9900-0.9915 to the downside invalidates the bullish scenario resulting in a quick decline towards 0.9860.