The technical analysis of the USD/CAD for 01/11/2010

On 4-hour graph, the USD/CAD pair tests the support level of 1.0155. In case this level is broken through we expect the decline to 0.9980 with the next target at 0.9930.
Support levels: 1.0155, 0.9980, 0.9930
Resistance levels: 1.0385, 1.0511, 1.0680

However, if the mark of 1.0155 resists, the pair, probably, will continue the consolidation. If the USD/CAD moves upward, then the breakout of 1.0385 will denote the end of the rollback from 1.0680 and further advance should be expected. The divergence on the MACD and RSI on a 4-hour chart comes in favor of this situation.
In a midterm the consolidation from 1.0855 has not finished yet and another low should be expected. However, in case of the reversal the breakout of 1.0680 will confirm the end of the consolidation as well as the breakthrough of downside trend from 1.3063. In this case it is expected that the USD/CAD will move up to Fibonacci correction level 38.2 from 1.3063 to 0.9929 at 1.1126 with the next target at Fibonacci correction level 61.8 at 1.1866.

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