Technical analysis of USD/CAD for 16/06/2010

Support levels: 1.0226, 1.0103, 1.0015.
Resistance levels: 1.0391, 1.0454, 1.0681.

An intraday view on USD/CAD continues to be bearish as long as the resistance level of 1.0391 is not broken. Earlier, the pair has broken the support level of 1.0251 that aimed USD/CAD at 1.0103. Besides it, the previous breach of the support level of 1.0339 and the rising line of the trend means that the pullback from 0.9930 is finished at the mark of 1.0858. The breakthrough of 1.0103 will lead to another test of 0.9930.
However, the breakout of the resistance level of 1.0454 will make the market sentiment neutral. Further, the breach of 1.0681 will mean that the rollback from 1.0858 is finished.
In mid-term outlook, a fall from 1.0858 casts a shadow of doubt on bullish view of the pair. But considering bullish divergence of daily and weekly MACD, the reversal of the downtrend from 1.3063 should be expected soon. In this case, USD/CAD will move upwards to Fibonacci correction level of 38.2 from 1.3063 to 0.9929 on 1.1126 with the next target at Fibonacci correction level of 61.8 to 1.1866.

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