The USD/CAD pair has a bearish short-term Violet channel that has been broken to the upside today at earlier time. However, the pair still has a strong Intraday Resistance Level located around 1.0200 that needs to be broken in order to resume the bullish movement.

Yesterday, after USD/CAD managed to break below the mid-line of the Yellow channel we expected the pair to reach the lower limit of the Violet and Yellow channels at 1.0165 which took place at the end of the day.

Price Level of 1.0165 constituted a strong Intraday Support level that was defended by the bulls pushing the USD/CAD pair to the upside towards the mid-line of the Yellow channel again.

Break of the mid-line of the Yellow channel at 1.0200 opens the way towards 1.0250 which corresponds to the upper limit of the bearish Yellow and Blue channels.

Based on the previous analysis

The market indicates a valid BUY opportunity at 1.0165 with TP at 1.0250 and SL located below 1.0130.

The market indicates another SELL opportunity at 1.0250 with TP at 1.1065 with SL located above 1.0290.

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Performed by Analytical expert: Mohamed Samy
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