FX.co ★ USD/CAD Intraday Technical Analysis & Trading Recommendations for January 26, 2012

As we see on the DAILY chart of USD/CAD currency pair, the pair respected its lower shorter-term downtrend line without reaching the higher and longer-term one.

Then the pair managed to break its uptrend line extending since August 2011 followed by break of the support level at 1.0050-1.0065.

Now the pair is targetting at 0.9890 which may take some time to reach.

Based on the previous analysis:

There's a good SHORT opportunity at retesting of 1.0050-1.0065 with TP at 1.0025, 1.0000, 0.9950 then 0.9890.

SL should be daily closure above 1.0105.