FX.co ★ USD/CAD intraday technical analysis and trading recommendations for April 22, 2013

Bearish rejection around 1.0300 was followed by multiple days of indecision within the same consolidation range 1.0225 - 1.0330 until the pair gave obvious daily closure below 1.0220 which opened the way towards the projection target at 1.0110.

Price level 1.0085 stood as a solid intraday support which provided a good BUY entry which is running in considerable profit now.
Price zone 1.0200 - 1.0235 which corresponded to a downtrend line and Fibonacci 50% - 61.8% levels has been broken through obviously last week, there is a continuation flag pattern confirmed with daily closure above 1.0210 to have final target at 1.0400.
Retesting of the backside of 61.8% Fibonacci Level around 1.0235 provided a valid BUY entry on Friday with tight SL below 1.0200, TP levels should be located at 1.0250, 1.0280, and 1.0330.
Bullish rejection around 61.8% Fibonacci Level (1.0235) is manifested in multiple daily closures.