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USD/CAD : Close to a psychological level at 1.0
Sentiment :
Since July 12th, the pair USD/CAD is into a bearish trend. Currently, the pair is going to test the support at 1.0055. This level could allow a rebound of the price. The breakout of this level in May led to a bullish rally. Last candlesticks show an accumulation zone towards this level (small candlesticks).

In h1, a falling wedge appears (purple lines). The exit from the top of this pattern will indicate the beginning of a correction that could pursuit towards 1.0120. However, this will not put into danger the bearish trend. In h4, the pair is moving below a bearish slant.

The breakout of 1.055 will give a new sell signal and should allow the price to reach the psychological level at 1.0 and the the support at 0.9978 in extension.

We stay bearish as far as 1.0150 is resistance. If the price get back above this level, will be neutral between 1.0150 and 1.02.
Analysis published by Bruno, the 07/20/2012 at 9h00 GMT+2

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USD/CAD Live Chart - Timeframe : 4h