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FX.co ★ USD/CAD Intraday Technical Analysis & Trade Recommendations for January 4, 2012

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Forex Analysis:::2012-01-04T09:16:13

USD/CAD Intraday Technical Analysis & Trade Recommendations for January 4, 2012

USD/CAD Intraday Technical Analysis & Trade Recommendations for January 4, 2012

USD/CAD had consolidation range between 1.0178 - 1.0265 which was broken to the downside yesterday.

Yesterday, the USD/CAD pair managed to break the uptrend line marked on the chart with a strong bearish daily candlestick.

USD/CAD Intraday Technical Analysis & Trade Recommendations for January 4, 2012

On the 4H chart the view is more clear, the broken uptrend line & the broken support level 1.0180 now acting as resistance.

The pair is going up to retest the backside of the broken trend which will give a good short opportunity at 1.0180 with TP at 1.0140, 1.0100, 1.0050 and 1.0010.

SL should be daily closure above 1.0275.

Analyst InstaForex
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