FX.co ★ USD/CAD Intraday Technical Analysis and Trading Recommendations for March 19, 2012

According to the USD/CAD Linear Regression Channel chart indicates the following:

The USD/CAD pair is trading within the weak thrend of the yellow channel. However, during the last two days the movement channels have become bearish.

The pair has an Intraday support level at 0.9900-0.9910 which corresponds to the lower limit of the yellow channel and the intermediate line of both violet & blue channels.

This support level is a key-level for the today's movement, as trading above will bring bullish strength into the market towards 0.9935 then 0.9959. However, its breakthrough will allow the USD/CAD pair to decline towards 0.9890 and 0.9870.

It is important to note that the USD/CAD pair has been moving within narrow ranges with no obvious mid-term trends for a quite long period of time.