FX.co ★ USD/CAD intraday technical analysis and trading recommendations for June 21, 2013

The USDCAD pair was declining for the second week except for recovery observed on the last three trading days. Daily closure above 1.0260 that took place on Wednesday allowed a strong bullish impulse to take place.

The pair recorded a new high today at 1.0487.

Bearish pressure is expected to be present at 1.0510 (the upper limit of the depicted movement channel).

Intraday Support stands around 1.0260 level and a stronger level at 1.0135 level (weekly low).

Reversal of the ongoing bullishness may take place around 1.0500-1.0550 levels. However, the ongoing bullish move has not shown any signs of weakness yet.