Monday, July 18, 2011

USD/CAD Technical Analysis & Bearish View - 18 July 2011

USD/CAD made a signifcant move in the last period breaking two bullish channels.

Successful retesting of those channels took place last week which was a good SELL entry.

Now the pair is testing the last low preparing for coming swing low.

On 4H chart, the pair is testing the last low at 0.9571 with weak candlesticks indicating weakness of the bulls there.

This gives the SHORT signal with TP at 0.95250 then 0.9452.
SL should be placed above 0.9630.

Performed by Mohamed Samy, Analytical expert

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