USDCAD Intraday Technical Analysis and Trading Recommendations for September 10, 2012 - The USDCAD pair found resistance around the price level of 0.9915 corresponding to the upper limit of the bearish channel breaking down the lower limit of the current consolidation range at 0.9845 which previously acted as support level recently.
After breakdown of 0.9845, the market went downside reaching price level of 0.9765. However, the full target for this range bearish breakout is located around 0.9745.
Price level of 0.9845 should be watched for price action at retesting as it will probably offer a valid SELL entry with target at the lower limit of the channel around 0.9730. However, fixation above 0.9845 threatens again the bearish view considering this breakdown as a trap for sellers.
For the long-term aspect, the price level of 0.9945 is a strong resistance level. That's why price action should be watched there for a valid long term SELL entry.
Source: InstaForex
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