FX.co ★ USD/CAD intraday technical analysis and trading recommendations for May 1, 2013

Bearish rejection around 1.0300 was followed by multiple days of indecision within the same consolidation range 1.0225 - 1.0330 until the pair gave obvious 4H closure below 1.0250 and 1.0200 giving indication of a short-term bearish retracement targeting 1.0150 then 1.0100.

Price zone 1.0200 - 1.0235, which corresponded to a downtrend line, has been broken through obviously last week. The continuation of flag pattern seems to fail due to the strong bearish pressure which pushed the pair again inside the channel.

Price zone 1.0100 - 1.0080 shall provide a strong support for the pair where price action should be watched. However, untill now there are no signs of bullish rejection.
Daily closure below 1.0085 (61.8% Fibonacci) will probably open the way towards the next support level around 1.0000.