Intraday trading analysis (tips) for USD/CAD 2 March 2011, we recommend, Enter short USD/CAD below .9745 for target of 0.9695 and 0.9665 also place protective stop loss above 0.9765.
Reason to trade short: USD was on downtrend and we see a selling opportunity for today’s session. CAD has been showing some strength and is more likely to continue the current downtrend to test its support level. RSI support the down move and is in favor of the trade on Daily chart. So we can see the pair to weaken further and move towards its next support level which is at 0.9695, so trading in the direction of the trend we recommend to trade short on this pair.