21.03.201316:46 Forex Analysis & Reviews: USD/CAD intraday technical analysis and trading recommendations for March 21, 2013

Long-term review

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The USD/CAD is holding firmly above its broken resistance at 1.0100 level. However, lack of the bullish steam seemed to exist during the last two weeks and the pair seems to be under negative pressure.

Last week we got some bearish rejection around 1.0300, which was followed by multiple days of indecision within the same consolidation range 1.0225-1.0330 until Friday when the pair gave obvious daily closure below 1.0220.
The most suggested scenario now is bearish; as long as the topping at 1.0340 remains unbroken with SL as 4H closure above 1.0295.
By breakdown of the lower limit of the movement range at 1.0220, the USD/CAD pair will have a projection target at 1.0110.
On the other side, it is important to note that support is located around 1.0160 level, where a breakdown will allow movement towards 1.0100 level to take place.

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