FX.co ★ The technical analysis of USD/CAD for 04/10/2010

Support levels: 1.0188, 1.0101, 1.0050
Resistance levelsя: 1.0385, 1.0511,1.0569

On a 4-hour chart, USD/CAD currency pair continues to trade in the range of 1.0180-1.0385. At present, the viewpoint is neutral. The breakthrough of the resistance level of 1.085 will lead to upward movement with the target to 1.0511. Besides, the breach of this mark will denote that the rollback from 1.0680 is over.
However, if the currency pair breaks through the support level of 1.0188 this will denote that the downtrend with 1.080 continues and the decline to 1.0101 should be expected.
In a midterm, USD/CAD moves up after it formed a bottom at 0.9930. The breach of 1.0680 will confirm the uprising movement and that the downtrend with 1.3063 is broken. In this case, it is expected USD/CAD will move up to Fibonacci correctional level of 38.2 from 1.3063 to 0.9929 at 1.1126 with the next target to Fibonacci correctional level of 61.8 at 1.1866.