FX.co ★ USD/CAD Intraday Technical Analysis and Trading Recommendations for April 9, 2012

Last Friday, the USD/CAD movement was bullish which made the Violet channel directed to the upside, unlike the rest of its channels which are either transverse or slightly bearish.

This bullish movement found resistance at testing the upper limit of the Yellow & Blue channels, having faild to be fixed outside as depicted in the 1st Hourly candlestick of Today.

Now we expect either the pair retests the upper limit of the Yellow channel at 0.9996 or breakdown of the lower limit of the violet channel & intermediate line of the Yellow one at 0.9953.

Both events constitute a valid SELL Entry with targets at 0.9930 & 0.9888; SL is to be placed above 1.0015.