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USD/CAD : Test of the annual lows expected

Sentiment :

Since the begining of August, the pair USD/CAD has continued its bearish movement in trend. The price just broke the support at 0.99, giving us a new sell signal.

The pair continues to move below the lower band of its falling wedge (black lines). A test of the annual lows at 0.98, reached on May 1st 2012, is expected during the next days. In h1, this scenario is reinforced by a bearish channel (purple lines).

We stay bearish as far as 0.9960 is resistance. In case of breakout of this level, we will be neutral between 0.9960 and 1.0. The breakout of 1.0 will give a buy signal.

Analysis published by Bruno, the 08/21/2012 at 9h00 GMT+2

Complete sheet of the pair USD/CAD - Previous USD/CAD Analysis
Chart of the pair USD/CAD - Timeframe 4H - Zoom in :
Chart of the pair USD/CAD - Timeframe 1H
USD/CAD Live Chart - Timeframe : 4h