USD/CAD Intraday Technical Analysis and Trading Recommendations for August 8, 2012
The USD/CAD pair movement is almost sideways during the previous days of consolidation which is manifested within a slightly bearish direction of the Yellow channel depicted on the chart. In fact, still there's no significant price action until today. However, the USD/CAD pair is approaching the upper limit of the Violet & Blue channels around 0.9985.
Price level of 0.9950 corresponding to the midline of the Yellow channel and the backside of the broken Violet channel is considered as an Intraday Support level for the pair.
The lower limit of the Violet channel and the midline of the Yellow one around price level of 0.9915 which are considered as an Intraday Support for the GBP/USD pair should be carefully watched while being tested for bullish price action in order to catch a BUY opportunity with TP levels located at 0.9950, 1.0030 then 1.0080.
Bearish breakdown of 0.9900 invalidates the bullish scenario for the current time opening the way towards bearish targets at 0.9940 then 0.9915.
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