The USD/CAD pair is showing again bearish tendency on Intraday basis as it managed to breakdown the lower limit of the bullish violet channel representing yesterday's movement.
Yesterday the USD/CAD managed to close above 0.9845 which allowed the pair to move higher towards 0.9870. However, it found resistance there at the upper limit of the violet channel which pushed USD/CAD back inside the movement channels again.
Now the USD/CAD is testing the intermediate line of the Blue & Yellow channels and previous Intraday buttom at 0.9805 which may constitute support for the pair to push it up to retest the broken lower limit of the violet channel at 0.9845.
SELLING the USD/CAD pair at 0.9845 is recommended with SL above 0.9880.
TP levels are to be located at 0.9810 & 0.9760.
The material has been provided by Instaforex Company - instaforex.com