The technical analysis of the USD/CAD for 19/11/2010

On a 4-hour graph the rollback of the USD/CAD currency pair was limited by the support level of 1.0160. Recently, the pair traded in the range of 0.9980-1.0160. The breakout of the important resistance level changed the viewpoint to bullish.

Support levels: 1.0160, 0.9980, 0.9930
Resistance levels: 1.0385,1.0513, 1.0680

As it was mentioned earlier, if the uprising movement continues then the advance with the target at 1.0385 is expected. Further, the breakthrough of 1.0385 will denote that the rollback from 1.0680 is over, and in this case the growth is expectable.
On the other hand, if the USD/CAD reverses and breaks out the mark of 0.9980, then this will lead to the decline with the target at 0.9930.
In a midterm, the consolidation from 1.0855 has not ended yet and another low should be awaited. Nevertheless, in case of the reversal the breakout of 1.0680 will confirm that the consolidation ended as well as that the downside trend from 1.3063 is broken through. In this case it is expected that the USD/CAD will move upside to the 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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