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

The USD/CAD pair movement was sluggish bearish during the previous days of consolidation which is manifested within a slightly bearish direction of the Yellow & Violet channels depicted on the chart. In fact, still there was no significant price action until today when the USD/CAD pair has broken the upper limit of the Yellow & Blue channels around 0.9930.
Yesterday, the lower limit of the Violet & Yellow channels around price level of 0.9915 was considered as an intraday Support for the GBP/USD pair which provided a valid BUY opportunity yesterday with TP levels located at 0.9950, 1.0030 then 1.0080.
Price zone of 0.9920 - 0.9930 which corresponds to the backside of the upper limit of the Yellow channel is regarded as an intraday Support level for the pair. If it is retested successfully, this will probably allow the USD/CAD pair to make a bullish movement towards 0.9995 initially.
Bearish breakdown of 0.9880 invalidates the bullish scenario for the current time.