USD/CAD intraday technical analysis and trading recommendations for June 4, 2013
June 4, 2013 11:00 am
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.
The material has been provided by InstaForex Company – www.instaforex.com
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.
The material has been provided by InstaForex Company – www.instaforex.com
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