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02.08.2012 04:43 PM
USD/CAD Intraday Technical Analysis and Trading Recommendations for August 2, 2012

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The USD/CAD pair has been moving sideways within the almost transverse channels depicted on the chart.
On the long-term scale, Fibonacci level 50% is located at the price level of 1.0120 and 61.8% is located at 1.0045 which were considered to be strong support levels. However, 1.0120 (50% Fibonacci) has been broken down last week after finding bearish rejection around 1.0230.
Price zone 1.0000-1.0015 corresponding to the lower limit of the Blue & Violet channels and the mid-line of the Yellow one has expressed significant bullish reaction one hour ago allowing the USD/CAD pair to close above 1.0045
Trading above 1.0045 brings bullish strength into the market towards TP levels around 1.0085, 1.0105 and 1.0160.
Breakdown of 1.0000 invalidates the bullish scenario.

Summary
Urgency
Analytic
Mohamed Samy
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