Considering the 4H chart depicted above, we can clearly see the bearish Violet and Blue channels, the USD/CAD pair was expected to reach downside targets which is already taking place.
During last week, the USD/CAD pair was located within the short-term bullish Yellow channel which was broken yesterday allowing USD/CAD to decline towards 0.9865 and 0.9835 (Our TP levels for yesterday SELL entry)
Considering the Hourly chart, we see that the USD/CAD has an Intraday Support level at 0.9830 corresponding to the lower limit of both the Yellow and Violet channel which is worth watching for today.
Obvious bullish price action confirms 0.9830 as a valid low risk BUY entry with a tight SL (4H closure below 0.9820).
TP levels are to be located at 0.9860, 0.9890 then 0.9925.
The material has been provided by Instaforex Company - instaforex.com
