Considering the USD/CAD pair's Hourly Chart we can see the following:
The Yellow & Blue Channels are almost identical in their transverse direction while the Violet one is bullish due to Yesterday's strong bullish move.
At the moment the USD/CAD pair may be forming a double buttom reversal pattern at 0.9805 which constituted an Intraday Support for the USD/CAD pair yesterday.
This possible double buttom pattern will be targetting 0.9935. However, Bearish Breakout of the violet channel that took place today indicates possible retracement towards 0.9845 before resuming the bullish direction.
The USD/CAD pair will probably have an Intraday support level at 0.9845 which corresponds to the intermediate line of both Blue and Yellow channels.
These facts render Price Level 0.9845 as a valid Intraday BUY entry with SL placed below 0.9800 & TP levels are to be located at 0.9880 & 0.9935.
The material has been provided by Instaforex Company - instaforex.com
