USD/CAD intraday technical analysis and trading recommendations for May 22, 2013
May 22, 2013 11:30 am
Support level around 1.0016-0.9995 (61.8% Fibonacci) provided evident bullish steam for the pair to step above 1.0300 topping at 1.0319.
The USD/CAD pair did not show much respect for the price zone 1.0250-1.0290 on retesting, which took place on Friday. Hence, there is no confirmed destination for the pair untill now.
It is important to note that the pair established an ascending bottom and top at 1.5150 and 1.5210 respectively. Those levels will probably provide support for the pair on the next visit especially that there is 61.8% Fibo level located there.
As long as the USD/CAD bias remains bullish, the pair should not step below 1.0150, with a fairly good BUY entry at retesting of 1.0200.
Consolidation above 1.0280 opens the way directly towards the significant top at 1.0340 that was established on March 1.
The material has been provided by InstaForex Company – www.instaforex.com
Support level around 1.0016-0.9995 (61.8% Fibonacci) provided evident bullish steam for the pair to step above 1.0300 topping at 1.0319.
The USD/CAD pair did not show much respect for the price zone 1.0250-1.0290 on retesting, which took place on Friday. Hence, there is no confirmed destination for the pair untill now.
It is important to note that the pair established an ascending bottom and top at 1.5150 and 1.5210 respectively. Those levels will probably provide support for the pair on the next visit especially that there is 61.8% Fibo level located there.
As long as the USD/CAD bias remains bullish, the pair should not step below 1.0150, with a fairly good BUY entry at retesting of 1.0200.
Consolidation above 1.0280 opens the way directly towards the significant top at 1.0340 that was established on March 1.
The material has been provided by InstaForex Company – www.instaforex.com
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