USD/CAD: New rebound on the lower band of the medium term bullish channel
--- New analysis ---
The pair USD/CAD got out yesterday of its neutral zone 0.9889/0.9934 from the top, after a rebound on the lower band of the medium term bullish channel (purple line) and on the major support at 0.9889. The price also got out with strength of its short term bearish channel (blue line in h1).
We advise to trade only long positions as far as 0.9889 is support. The price should test the psychological level at 1.0 shortly. Its breakout will give a new buy signal and will allow the price to pursuit its movement towards 1.0050.
In case of return below 0.9889 (exit of the channel), we will then advise to return all positions to be short.
Analysis published by Bruno, the 11/08/2012 at 8h59 GMT+2
Chart of the pair USD/CAD - Timeframe 4H
Chart of the pair USD/CAD - Timeframe 1H
|USD/CAD Live Chart - Timeframe : 4h|
For more reports, go to Forextribe