24.05.201316:09 Forex Analysis & Reviews: USD/CAD intraday technical analysis and trading recommendations for May 24, 2013

Long-term review

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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 1.0300 and the significant support 1.0260 ( previous top established in April ).

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 yesterday's daily candlestick was almost bearish engulfing one which may be followed by some bearish pressure.

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