FX.co ★ USD/CAD intraday technical analysis and trading recommendations for June 7, 2013

The scenario of accidental confusion continued this week untill yesterday when we had this massive bearish daily candlestick that closed at 1.0260.

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.

Today, the USD/CAD pair is still affected by the bearish pressure applied by yesterday's candlestick. However, price action should be watched around 1.0180 for evident bullish rejection.

The pair remains bullish as long as 1.0120 remains unbroken.

Support: 1.0180, 1.0120, and 1.0080.

Resistance: 1.0260, 1.0330 and 1.0400.

Trading recommendation: Based on the chart above, buying the pair around 1.0180 will be valid on expressing significant bullish price action with tight SL as 4H closue below 1.0160.