FX.co ★ The technical analysis of the USD/CAD for 29/10/2010

Support levels: 1.0076, 0.9980, 0.9930
Resistance levels: 1.0385, 1.0511, 1.0680

At 4-hour graph, the USD/CAD currency pair moves sideways after failed attempt to break through the resistance level of 1.0385. The breakout of this mark will denote that the rollback from 1.0680 is over and further advance is expectable. The divergence in the MACD and RSI on 4-hour chart comes if favor of this fact.
If the USD/CAD reverses and breaches the support level of 1.0076, then the decrease to 0.9980 with the next target at 0.9930 is expected.
In a midterm, the consolidation from 1.0855 has not finished yet and another low should be awaited. Nevertheless, the breakthrough of 1.0680 will confirm the end of consolidation and that the downside movement from 1.3063 is broken out. In this case, it is expected that the USD/CAD will move upwards to Fibonacci correction level 38.2 from 1.3063 to 0.9929 at 1.1126 with the next target at Fibonacci correction level 61.8 at 1.1866.