FX.co ★ USD/CAD intraday technical analysis and trading recommendations for May 20, 2013

Support level around 1.0016-0.9995 (61.8% Fibonacci) provided evident bullish steam for the pair to step above 1.0300 topping at 1.0311.

The USD/CAD pair did not show much respect to price zone 1.0250-1.0290 on retesting which took place on Friday. Hence, there is no confirmed destination for the pair now.

It is important to note that the pair established an ascending buttom and top at 1.5150 and 1.5210 respectively. Those levels will probably provide support for the pair on the next visit especially that there's 61.8% Fibo level located there.

As long as the USD/CAD bias remains bullish, the pair should not step below 1.0150, with a fairly good BUY entry at retesting of 1.0200.