FX.co ★ USD/CAD Intraday Technical Analysis and Trading Recommendations for April 11, 2012

The USD/CAD 1H linear regression channels chart present above reveals the following:
The Violet channel is strongly bullish due to yesterday's quick bullish movement towards 1.0050, while the Yellow and Blue channels are almost identical in being moderately bullish.
Today we had bearish breakout below 1.0035 which corresponds to the lower limit of the Violet channel. However, Price Level 1.0018 is still acting as intraday support corresponding to the intermediate line of both the Violet & Blue channels which needs to be broken through before reaching the lower limit of the identical channels at 0.9980.
The intraday resistance levels are located at 1.0060 and 1.0075 to be watched for a possible SHORT-entry with TP levels are at 1.0020, 0.9980, 0.9950.
The nearest intraday support level which is located at 0.9970 is considered a valid BUY entry if the USD/CAD shows bulish reaction its breakdown as a SL.