FX.co ★ USD/CAD Noughs and Crosses analysis for November 2, 2011

The USD/CAD is continuing with the upside movement, thus passing the main downside trend line at 1.020.

Passing the downside trend line is a strong buy signal, however in the short term we should wait for the price to correct to the 1.016 level where we can start buying with a target at the bullish resistance line 1.026

Alternative option: a deep correction to 1.006 is possible. The upside movement is expected to be resumed from there.

The main trend has switched to the upside one, but the sellers are still on the market, though there are less of them.

Support levels: 1.006

Resistance levels: 1.026