FX.co ★ USD/CAD Intraday Technical Analysis and Trading Recommendations for March 30, 2012

The USD/CAD pair was trading within the bullish Violet and Blue channels having tested the Intraday support level at 0.9900 which last Tuesday was considered as a good BUY entry.

Yesterday the USD/CAD pair was testing the significant resistance area ranging between 0.9995 - 1.0006 where we recommended a low risk SELL entry.

Today the bullish domination weakens as the USD/CAD could make breakout below the lower limit of the Yellow channel at 0.9979.

This renders 0.9975 (the backside of the broken channel) as a significant Intraday resistance level which offers another valid SELL entry for those who missed the original trade yesterday.

TP for SELL orders should be located at 0.9910.

Breakdown of 1.0020 invalidates the bearish scenario; thus, SL is to be located a bit above.