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Considering the USD/CAD pair's Hourly Chart we can see the following:
The Yellow channel is slightly bearish while the blue channel became almost transverse indicating the recent weakness of the bearish mood.
Last Friday's bearish movement was contained inside the Violet channel targetting Price Level 0.9805 which seems to constitute an Intraday Support for the USD/CAD pair.
At the moment the USD/CAD may be forming a double buttom reversal pattern at 0.9805 especially after it managed to make bullish breakout outside the bearish violet channel & above the intermediate line of the Yellow channel.
The USD/CAD pair will probably have an Intraday resistance level at 0.9845 which corresponds to the upper limit of the Yellow channel. However, a breakhrough above 0.9845 confirms the Double Buttom pattern targetting 0.9925.
These facts render Price Level 0.9805 as a valid low-risk Intraday BUY entry with SL placed below 0.9765.
TP levels are to be located at 0.9850 & 0.9900.
The material has been provided by Instaforex Company - instaforex.com
