Monday, January 17, 2011

USD/CAD Technical Analysis | 17 January 2011

USD/CAD Technical Analysis | 17 January 2011

Support levels: 0.9820, 0.9711, 0.9650
Resistance levels: 0.9980, 1.0212, 1.0290

On a 4-hour graph the USD/CAD is still in the downtrend. The viewpoint to the pair is still bearish. As mentioned before, the breakout of the 0.9890 support level allowed this pair to reach 0.9820 with 0.9711 as the next target.

Moreover, this breakout has provided certain interest to selling and quite significant interest to purchase from corporate market participants.

Nevertheless, if a reversal takes place and the USD/CAD breaks the 1.0212 resistance level, this will lead to upside motion with the target to 1.0290. Further breakout of 1.0380 will denote the end of a rollback from 1.0680 and that further advance should be expected. Read more