USD/CAD intraday technical analysis and trading recommendations for June 14, 2013
Support level around 1.0016-0.9995 provided evident bullish steam for the pair to step above 1.0300. Hence, there might be further bullish pressure to test 1.0430 level.
The scenario of accidental confusion continued last week until last week on Thursday when we had this massive bearish daily candlestick that closed at 1.0260.
Today, the USD/CAD pair is still affected by the bearish pressure applied during the last two weeks. However, price action should be watched around 1.0130 for evident bullish rejection.
The pair remains bullish as long as 1.0120 remains unbroken.
Support: 1.0180, 1.0120, and 1.0080.
Resistance: 1.0260, 1.0330, and 1.0400.
Based on the chart above, buying the pair around 1.0120-1.0130 will be valid on expressing significant bullish price action with tight SL as 4H closue below 1.0080.
The material has been provided by InstaForex Company – www.instaforex.com