08.07.201115:28 Forex Analysis & Reviews: USD/CAD Technical Analysis & Bearish View - July 8, 2011

Long-term review

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The USD/CAD currency pair is in a long-term down trend.

The period extending from May - End of June 2011 the pair passed in a period of retracement.

This retracement was in the form of bullish channels.

Recently the pair has broken both illustrated bullish channels Also breaking the last 6 weeks' lows.

The lower limit of the broken channel was a good SELL entry now the pair is facing support at 0.9580.

We can resume our short positions either from 0.9640 or after 4H closure below 0.9580.

TP should be 0.9580, 0.9520 then 0.9460.

SL should be placed above 0.9777.

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