FX.co ★ USD/CAD Intraday Technical Analysis and Trading Recommendations for April 4, 2012

The 4H Linear Regression Channel Chart for USD/CAD illustrates the following:
This week the USD/CAD has successfully broken the lower limit of both Violet and Blue channels with a long bearish 4H candlestick.
This bearish breakout came after successful reversal pattern which is "Head & Shoulders" with its neckline at 0.9950.
This renders price levels 0.9950-0.9970 (which correspond to the lower limit of the broken channels and the neckline for the reversal pattern) a valid SELL entry.
The expected bearish movement will probably target at 0.9903 then 0.9850. However, trading above 1.0000 invalidates the current bearish scenario.