FX.co ★ USD/CAD Intraday Technical Analysis and Trading Recommendations for February 28, 2013

The USD/CAD is holding firmly above its broken resistance at 1.0100 level, further upside movement may be expected.

This will expose the 1.0260 level where a breakthrough will allow the rally towards 1.0300 level to take place. Further out, 1.0350 level stands as the next possible upside target. However, on Tuesday we got some bearish rejection around 1.0300 which was followed by yesterday's daily candlestick that confirmed the bearish pattern.

On the other side, support is located around 1.0160 level where a breakdown will target the 1.0100 level.

The most appropriate scenario now is bearish as long as the pair is trading below 1.0240.