Technical analysis of the USD/CAD for 20/10/2010

On 4-hour graph the USD/CAD currency pair continued the upside movement successfully breaking through the resistance level at 1.0190.

A break through of 1.0385 will mean that a rollback from 1.0680 is over and further growth should be expected.  In favor of this comes the divergence on MACD and RSI on 4-hour graph.
If the USD/CAD will make a turnout and overcome the support level at 1.0076, then the downward motion to 0.9980 is most probable with further target at 0.9930. 
In a mid term a consolidation from 1.0855 has not finished yet and one more minimum is expectable. Nevertheless, if a turnout takes place then a breakthrough of 1.0680 will confirm that consolidation is finished and that the downtrend with 1.3063 is broken through. In this case, the USD/CAD is to end the upside tendency to Fibonacci correction level 38.2 from 1.3063 to 0.9929 at 1.1126 with the next target at the Fibonacci correction level 61.8 at 1.1866.

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