USD/CAD intraday technical analysis and trading recommendations for March 7, 2013
The USD/CAD is holding firmly above its broken resistance at 1.0100 level, further upside movement might be expected. However, lack of the bullish steam seemed to exist this week.
This exposed 1.0260 level, where a breakthrough allowed the rally towards 1.0300 level, may take place. Further 1.0350 level stands as the next possible upside target.
Last week we got some bearish rejection around 1.0300, which was followed by multiple days of indecision within the same consolidation range 1.0255-1.0330.
The most suggested scenario now is bearish, it is based on the daily closures we are getting this week, as long as the topping at 1.0340 remains unbroken.
On the other side, support is located around 1.0160 level, where a breakdown will target 1.0100 level.
The material has been provided by InstaForex Company – www.instaforex.com