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 breakout above 1.0230 reaching the price level of 1.0310.

Yesterday 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 the previous congestion zone 1.0230-1.0150 also the pair needs to break through the price level 1.0310 in order to initiate another bullish swing.

Yesterday the USD/CAD failed to break the price level 1.0310 through, the bearish trend will probably be stronger pushing the pair down to 1.0230 then 1.0150 where the pair's price action should be observed.

Intraday Support & Resistance Levels:

Support :

S1: 1.0230

S2:1.0150

S3: 1.0050.

Resistance :

R1: 1.0310

R2 : 1.0400.

Trade Recommendations:

It is suggested to remain bullish as long as the pair is trading above 1.0230-1.0215. However, a breakdown of 1.0215 will open the way for the pair to the point 1.0150.

Breakdown of 1.0150 will provide SELL signal with TP at 1.0050.

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