FX.co ★ The USD/CAD technical analysis for 08/10/2010

Support levels: 1.0050, 1.0000, 0.9930
Resistance levels: 1.0208, 1.0385, 1.0511

On a 4-hour chart, the USD/CAD currency pair rolls back after it broke through the resistance level of 1.0101. However, the viewpoint remains bearish, as the downtrend maintains. The breach of the mark of 1.0178 denotes that the downward movement with 1.0680 continues and the decline to 0.9930 should be expected.
Nevertheless, if the USD/Cad breaks through the resistance level of 1.0280, then the viewpoint will be neutral in a short term. The breach of the resistance level of 1.0385 will lead to uptrend to 1.0511.
In a midterm, the USD/Cad currency pair moves up, after it formed a bottom at 0.9930. The breakthrough of 1.0680 will confirm the uptrend and that the downtrend with 1.3063 is breached. In this case, it is expected that the USD/CAD will uprise to Fibonacci correctional level of 38.2 from 1.3063 to 0.9929 at 1.1126 with next target to Fibonacci correctional level of 61.8 at 1.1866.