FX.co ★ USD/CAD intraday technical analysis and trading recommendations for June 4, 2013

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

Yesterday, the USD/CAD pair dropped sharply but remained stable above significant support 1.0260 (previous top established in April). This enhances the bullish view for the pair.

As long as the USD/CAD bias remains bullish, the pair should not step below 1.0260 (significant support levels depicted on the chart) with a fairly good BUY entry at retesting of 1.0260 which was triggered Yesterday and running in profits now.

Support: 1.0260, 1.0240 and 1.0210

Resistnce: 1.0300, 1.0385, 1.0400 and 1.0430

Trading recommendation:

Based on the chart above, buying the pair around 1.0260 seems valid targeting 1.0355, 1.0430 and SL as 4H closure below 1.0215.