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

After bouncing off the support level 1.014 the USD/CAD currency pair advanced to 1.022 where it is about to resume downside movement.

The pair has a potential to reach the support level 1.01 where it might correct again.

In case the price reverses and breaks the resistance level at 1.022 the upside movement will last up to 1.028 where the additional trendline is located.

It is not recommended to buy this pair due to being in a strong downside trend.

Support levels: 1.014

Resistance levels: 1.022