FX.co ★ USD/CAD Intraday Technical Analysis and Trading Recommendations for April 10, 2012

The USD/CAD 1H linear regression channels of today are quite similar to yesterday's channels.
The Violet channel became transverse while the Blue channel is slightly bullish due to the last bullish move towards 0.9996 which was recommended as SELL-entry yesterday with daily high at 1.0001.
Today we had bearish breakout below 0.9970 which corresponds to the low of the Blue channel and the intermediate line of the Yellow channel which is considered another bearish signal. However, 0.9950 is still acting as intraday support corresponding to the lower limit of the Violet channel which needs to be broken in order to resume the bearish movement.
The intraday resistance levels are located at 0.9970 and 0.9999 where it is to be watched for another possible SHORT-entry.
Stop Loss for the bearish positions should be located above 1.0030 while TP levels are at 0.9950, 0.9930, 0.9900 and 0.9880.