The technical analysis of the USD/CAD for 15/11/2010

The USD/CAD currency pair has strongly rebounded from the support level of 0.9980. In whole, the USD/CAD is continuing to consolidate near multi-month lows.
Support levels: 0.9980, 0.9930, 0.9826
Resistance levels: 1.0100, 1.0160, 1.0385

If the uprising movement continues then the breakout of the resistance level of 1.0160 will target the currency pair to 1.0385. The breakthrough of 1.0385 will denote that a pullback from 1.0680 ended and further advance should be expected.
If the USD/CAD turns back and breaks through the mark of 0.9980, this will lead to the decline with a target to 0.9930.
In a midterm the consolidation from 1.0855 has not finished yet and another low is expectable. Nevertheless, in case of the turnback the breakout of 1.0680 will confirm that the consolidation is over and that the downtrend from 1.3063 is breached. In this case it is expected that the USD/CAD will move upwards to the Fibonacci correction level 38.2 from 1.3063 to 0.9929 at 1.1126 with the next target to the Fibonacci correction level 61.8 at 1.1866.

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