FX.co ★ USD/CAD intraday technical analysis and trading recommendations for May 23, 2013

Support level around 1.0016-0.9995 (61.8% Fibonacci) provided evident bullish steam for the pair to step above 1.0300. Hence, there might be further bullish pressure to test 1.0430 level.

It is important to note that the pair established an ascending bottom and top at 1.0150 and 1.0210 respectively. Those levels will probably provide support for the pair on the next visit.

As long as the USD/CAD bias remains bullish, the pair should not step below 1.0260 with a fairly good BUY entry at retesting of 1.0260.

Consolidation above 1.0340-1.0320 opens the way towards 1.0430 which if breached, the pair will be pushed higher towards 1.0540 levels.