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As the greenback has rebounded again after holding above indicated support at 0.9735 (last Friday’s low), suggesting consolidation would be seen, however, reckon upside would be limited to 0.9825-30 and bring another decline, a break of said support at 0.9735 would add credence to our view that top is possibly formed at 0.9886 earlier last week and downside bias remains for weakness to 0.9690-00, however, break there is needed to confirm the correction from 0.9633 (wave iii trough) has ended at 0.9886 (wave iv)
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USDCAD still moving in the bullish movement and this pair also has broken the resistance level at 0.9804. So, I think the bullish movement may continue today and this pair has a potential to reach the next resistance level at around 0.9862.
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USD/CAD rose strongly after broke up monthly pivot point (0.9795) yesterday. And closed with real strong upward sentiment. Now, after asian market session opened, price still cotinue upward movement. This indicated that price may go up strong again and level 0.9850 will be a barrier level for price to rise.
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Usd/cad technical analysis for 11.10.2012 by using : Auto pivot indicator.
resistance 3:0.9889
resistance 2:0.9854
resistance 1:0.9836
pivot point :0.9801
support 1:0.9783
support 2:0.9748
support 3:0.9730
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Well we're now bumping up against the top of the descending trendline and well within the bear channel. Also a potential bearish flag pattern has developed, which may, at the very least, signal taking some profits off the table.
Having said that, fundamentally there is a general negative sentiment in the markets, which is almost always USD positive. That may be enough to break this triangle and take a run above .9850.
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Pair moves of the U.S. dollar against the Canadian dollar above the 0.9800 influenced positively Stochastic, while SMA 50 continues to put negative pressure on intraday trading, to protect the overall scenario of the expected bearish trend for the pair in the short term, where wait objectives begin the day at 0.9700 then 0.9600
Penetrate 0.9885 and stabilizing above it may constitute a turning point in intraday trading upward.
Expected trading range for today is between: support at 0.9600 and resistance 0.9885
General tendency is expected for the day: Down
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No changed in our view, USDCAD remains in downtrend from 0.9884, the rise from 0.9734 is treated as correction of the downtrend.
Another fall towards 0.9632 previous low could be expected after correction, and a breakdown below 0.9734 could signal resumption of the downtrend.
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Pair has completed corrective wave south, the rate is approaching sloping support line around which formed consolidation of it and I expect to continue growth, keep buying the breakdown buy another 9830.
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I think that about any increase in the north is not necessary to speak, the couple can not become stronger above the moving alligator (daily chart), and that the course is only to pick up again fall goals for this week all hedgehog may be the level of 9740 and if you break through that and 9633.
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USD/CAD now 0.9775. 4H chart shows down trend. 4 candle down at moment.
1 H chart shows mix trend but daily chart show down side.
next target ma be 0.9725 level.
Spoiler: