FX.co ★ USD/CAD Bullish Outlook April 26, 2011 (Daily Strategy)

USD/CAD

The United States dollar – Canadian dollar pair is is showing signs of a potential change of trend in the short term, there is strong resistance at the 0.9565 level, if the price achieves drill, this level and close above this level would increase the Possibility for a bullish move.

The MACD indicator is showing a positive divergence, supporting our expectation upward.

However, the pair can take a break in the second monthly support around 0.9490, would be a good opportunity to buy with a target upward to Monthly pivot line around 0.9780. It is advisable to protect a buy position through the significant support rate of 0.9425 as a break at this level will be an indication of a continued downwards movement.