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04.07.2012 04:49 PM
USD/CAD Intraday Technical Analysis and Trading Recommendations for July 4, 2012

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On Friday the USD/CAD pair expressed massive bearish reaction towards the upper limit of the Yellow channel around 1.0355 making a quick bearish movement of about 200 pips then reaching the lower limit of the Blue channel around 1.0160 and exceeding the Average Daily Range by about 75 pips.
USD/CAD is still moving downwards but within narrow ranged zone and without obvious swings which indicates a possible change in current direction.
Yesterday USD/CAD failed to break through the mid-line of the Yellow channel at 1.0120. Instead, the pair expressed a bullish reaction managing to break through the upper limit of the Violet channel.
The USD/CAD pair has an intraday resistance level at 1.0150 which needs to be broken in order to resume the bullish trend towards 1.0200 then 1.0250.
Breakdown of 1.0100 invalidates the bullish scenario for today.

Summary
Urgency
Analytic
Mohamed Samy
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