Intraday Technical Outlook:

The USD/CAD pair has been trading within the depicted bearish channels since Monday. This comes after a strong bullish movement that took place last month which was expected to pause this week.

Yesterday, the USD/CAD pair expressed the excellent bearish reaction towards the upper limit of the Yellow, Violet & Blue channels around price level 1.0370.

Today, the USD/CAD pair failed to breakthrough the upper limit of the Violet channel & the mid-line of the Yellow one. Thus, it declined rapidly targetting  the lower limit of the Yellow channel near 1.0235.

The lower limit of the Yellow channel at 1.0235 may constitute a valid Intraday Support for the pair. However SELLING is more recommended in the current situation.

The USD/CAD pair INTRADAY outlook remains bearish as long as the pair is trading below 1.0330.

In the Long-term prospective, the USD/CAD pair remains bullish as long as the pair is trading above the previous congestion zone 1.0230-1.0150.

Trade Recommendations:

If you had a SELL entry taken at price level 1.0370, profits should have been taken at 1.0260.

- Price Level 1.0310 is expected to be a valid SELL entry with SL located above 1.0330.

TP levels are to be located at 1.0260, 1.0210 & 1.0150.

If you like my articles, please vote for me in Analyst of the Year Contest by clicking here.