USD/CAD intraday technical analysis and trading recommendations for May 28, 2013
May 28, 2013 2:45 pm
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.
On Thursday, the USD/CAD pair dropped sharply but remained stable above 1.0300 and the 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 with a fairly good BUY entry at retesting of 1.0260 with SL as 4H closure below 1.0240.
It is important to mention that since Thursday’s bearish engulfing daily candlestick, the USD/CAD market has been showing hesitance untill today when the pair topped at 1.0365 which will probably be followed by bearish pressure towards 1.0260.
Trading recommendation:
Based on the chart above, buying the pair around 1.0300-1.0260 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.
On Thursday, the USD/CAD pair dropped sharply but remained stable above 1.0300 and the 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 with a fairly good BUY entry at retesting of 1.0260 with SL as 4H closure below 1.0240.
It is important to mention that since Thursday’s bearish engulfing daily candlestick, the USD/CAD market has been showing hesitance untill today when the pair topped at 1.0365 which will probably be followed by bearish pressure towards 1.0260.
Trading recommendation:
Based on the chart above, buying the pair around 1.0300-1.0260 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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