You are here: Home > articles > Forex > USD/CAD intraday technical analysis and trading recommendations for May 6, 2013
USD/CAD intraday technical analysis and trading recommendations for May 6, 2013
May 6, 2013 2:30 pmVideo
Latest News
- Could the BoE adopt a more dovish stance on Thursday? – Preview May 3, 2024
- EUR/USD. May 3rd. Bulls don’t give up without a fight May 3, 2024
- GBP/USD. May 3rd. Bears are counting on a strong US labor market May 3, 2024
- Market Comment – Stocks enjoy Fed-induced bounce as dollar slips ahead of NFP May 3, 2024
- Weekly Forex Outlook: 03/05/2024 – BoE and RBA decisions headline a calm week May 3, 2024
- Week Ahead – BoE and RBA decisions headline a calm week May 3, 2024
- USD/JPY: trading tips for beginners for European session on May 3 May 3, 2024
- GBP/USD: trading tips for beginners for European session on May 3 May 3, 2024
- EUR/USD: trading tips for beginners for European session on May 3 May 3, 2024
- Technical Analysis – WTI futures break below 200 day-SMA May 3, 2024
- Hot forecast for EUR/USD on May 3, 2024 May 3, 2024
- Key events on May 3: fundamental analysis for beginners May 3, 2024
- Trading plan for GBP/USD on May 3. Simple tips for beginners May 3, 2024
- Trading plan for EUR/USD on May 3. Simple tips for beginners May 3, 2024
- Forecast for EUR/USD on May 3, 2024 May 3, 2024
- Forecast for GBP/USD on May 3, 2024 May 3, 2024
- Forecast for USD/JPY on May 3, 2024 May 3, 2024
- The euro did not understand the Fed’s signals May 3, 2024
- Analysis of GBP/USD pair on May 2nd. The final chord for the dollar May 2, 2024
- Analysis of EUR/USD pair on May 2nd. The market calmly responded to the FOMC meeting May 2, 2024
Price zone 1.0200 – 1.0235, which corresponded to a downtrend line, has been broken through obviously last week. The continuation of flag pattern seems to fail due to the strong bearish pressure which pushed the pair again inside the channel.
Bearish rejection around 1.0300 was followed by multiple days of indecision within the same consolidation range 1.0225 – 1.0330 until the pair gave obvious 4H closure below 1.0250 and 1.0200. It led to a quick rally towards 1.0150 then 1.0100.
Daily closure below 1.0085 (61.8% Fibonacci), that took place on Friday, will probably open the way towards the next support level around 1.0000.
Price zone 1.0100 – 1.0080 may provide support for the pair where price action should be watched. However, until now there are no signs of obvious bullish rejection.
Consolidation above 1.0085 will probably bring bulls to the market to target 1.0135 initially.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: