FX.co ★ USD/CAD Intraday Technical Analysis September 13, 2011

USD/CAD is now testing an important level 0.9969 ( resistance ) which is :

1. Multiple previous highs marked on the chart.

2. The origin of multiple bearish engulfing candlesticks in last August.

3. The upper limit of the slightly bearish channel marked on the chart.

Yesterday we had a very bearish daily candlestick ( Falling of the roof ) of this level indicating strength of the bears there.

Based on the previous analysis, There's bearish opportunity around this resistance level 0.9969 with TP at 0.9910, 0.9830 then 0.9770.

SL should be daily closure above 1.0000 or 4H closure above 1.0025.