FX.co ★ USD/CAD noughts and crosses analysis for October 26, 2011

The USD/CAD is continuing with the upside correction to the resistance level 1.021 where it is supposed to resume downside movement to the support level 1.012.

At the moment the pair has formed a Triangle (uncertainty), therefore it is not recommended to enter the market.

In case the support level 1.012 is passed the downside movement will move on to the 1.006 level.

Alternative scenario: break of the 1.021 resistance will target the pair to 1.024.

Support levels: 1.012, 1.006

Resistance levels: 1.021, 1.024