FX.co ★ The technical analysis of the USD/CAD for November 09

Support levels: 1.0000, 0.9980, 0.9930
Resistance levels: 1.0160, 1.0385, 1.0680

The USD/CAD is pulling back after the failure to break through the support level near the parity level against the US dollar. Nevertheless, a breakout of 1.0050 targeted the currency pair to 0.9980. As it was mentioned before if the USD/CAD could not breach the parity level versus the US dollar, then the rebound to up is expectable.
If the USD/CAD reverses and breaks through the resistance level of 1.0160 and EMA (55), then the viewpoint will be neutral. Further the breakthrough of 1.0385 will denote that the rollback from 1.0680 ended and the advance should be awaited. In a midterm the consolidation from 1.0680 has not finished yet and one more low is expectable. Nevertheless, in case of the reversal the breakout of 1.0680 will confirm the end of the consolidation, as well as that the downtrend from 1.3063 is breached. In this case it is expected that the USD/CAD will move up 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.