Intraday Technical Outlook:

The USD/CAD pair was trading within depicted uptrend line started on the 3rd of May.

The USD/CAD pair remained within a narrow sideways range 1.0150-1.0230, when the bulls managed to make a bullish breakthrough above 1.0230 reaching the price level of 1.0445.

Last Month, the USD/CAD pair tested the backside of the broken consolidation zone and the depicted up-trend line around Price Levels 1.0230-1.0215 which provided Intraday support for the pair.

Therefore, the USD/CAD pair remains bullish as long as the pair is trading above the depicted uptrend line. In other words, above Support Level 1.0310 on the short-term then above the previous congestion zone 1.0230-1.0150 on the mid-term.

Price level 1.0440 acted as strong resistance level allowing the USD/CAD to make Intraday Bearish retracement. However the first support level for the USD/CAD pair is located at 1.0370.

Intraday Support & Resistance Levels:

Support :

S1: 1.0370

S2: 1.0300

S3:1.0230

S4: 1.0150.

Resistance :

R1: 1.0400

R2 : 1.0450.

Trade Recommendations:

If you have current SELL entry taken at price level 1.0440, keep holding it with some profit taking at 1.0370 and move its SL to breakeven.

Price Level 1.0300 constitutes a valid BUY entry with SL located below 1.0220.

TP levels are to be located at 1.0350, 1.0395 & 1.0475.

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