Show full pictureAccording to the Linear Regression Channels illustrated 1H Chart for the USD/CAD currency pair : The USD/CAD pair has been moving almost sideways within the Yellow channel. However, the recent Violet and Blue channels tend to be slightly bearish after testing of Intraday resistance zone mentioned yesterday around 1.0250-1.0260 Few hours ago, USD/CAD failed to break down the lower limit of the Yellow channel at 1.0210 which pushed the pair to the upside to test the mid-line of the Yellow channel at 1.0254. However, breakdown of 1.0210 will probably allow the USD/CAD to initiate a bearish swing down to 1.0150-1.0125. The view for USD/USD is bearish now. However the pair has a stronger Intraday Resistance Level located at 1.0285 corresponding to the upper limit of the Yellow channel which should be defended by the bears. USD/CAD has its Average Daily Range located at 1.0180 which may provide some Intraday Support for the pair. It's suggested either to take a low-risk SELL entry at 1.0285 with tight SL above 1.0310 or to stay out of the market untill confirmed price action takes place on the chart in either direction. If you like my articles, please vote for me in Analyst of the Year Contest by clicking here.
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Performed by Mohamed Samy, Analytical expert
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