FX.co ★ USD/CAD Technical Analysis for September 2

Support Levels: 1.0470, 1.0380, 1.0244
Resistance Levels: 1.0680, 1.0858, 1.0990

On a 4-hour chart the USD/CAD pair plunged after being not able to break through the resistance level of 1.0680 again. This level is untouched since June 2010. For the moment the intraday attitude remains neutral. However, if USD/CAD will manage to break it, an uprise targeted to 1.0858 can be expected.
On the other hand, if the decrease continues, breaking through the support level of 1.0470 will make a short-term view bearish. Thereafter, if the falling keeps on, the puncture of the support level 1.0380 will aim the currency pair at 1.0244.
In a mid-term prospect, USD/CAD is likely to continue the upmove after a low at 0.9930 has been formed. Breaking through 1.0680 will confirm the remaining of an increase and also that the declining trend from 1.3063 has been punctured. In this case it is expected that the pair will soar to Fibo correctional level of 38.2 from 1.3063 to 0.9929 at 1.1126 with the next target at Fibonacci correctional level of 61.8 at 1.1866.