USD/CAD intraday technical analysis and trading recommendations for March 1, 2013
The USD/CAD is holding firmly above its broken resistance at 1.0100 level, further upside movement may be expected.
This exposed the 1.0260 level where a breakthrough allowed the rally towards 1.0300 level to take place. Further out, 1.0350 level stands as the next possible upside target although on Tuesday we got some bearish rejection around 1.0300 which was followed by yesterday’s daily candlestick that confirmed the bearish pattern at that time.
On the other side, support is located around 1.0160 level where a breakdown will target the 1.0100 level.
The most appropriate decision now is to stay out of the market untill the technical view comes clear.
The material has been provided by InstaForex Company – www.instaforex.com