23Nov2011 USD/CAD outlook: USD/CAD has given a breakout on upside by overcoming the resistance at 1.0375 level as which was imp Fib level of decline from 1.0657 to .9894.
USD/CAD for the last 3 days has been continuously trading above the trendline as shown in the chart picture.
We believe that the rally from low 0.9405 has been resumed from the 0.9894 levels marking a intermediate bottom there.
On a broader picture, an uptrend from .9405 levels is correction of the fall from 1.2900 levels to 0.9405 levels.
As long as .9724 level holds it has the chance to goto 1.0670 levels again. From there it could encounter resistance, 1.0700 should prevent current upside rally.
Conclusion:
In view of above we are looking for buying USD/CAD at arround 1.0350 levels at 1.0295 with potential target of 1.0500.
*Disclaimer: Trading involves substantial risk. we won't be responsible for any financial loss to our readers.
USD/CAD for the last 3 days has been continuously trading above the trendline as shown in the chart picture.
We believe that the rally from low 0.9405 has been resumed from the 0.9894 levels marking a intermediate bottom there.
On a broader picture, an uptrend from .9405 levels is correction of the fall from 1.2900 levels to 0.9405 levels.
As long as .9724 level holds it has the chance to goto 1.0670 levels again. From there it could encounter resistance, 1.0700 should prevent current upside rally.
Conclusion:
In view of above we are looking for buying USD/CAD at arround 1.0350 levels at 1.0295 with potential target of 1.0500.
*Disclaimer: Trading involves substantial risk. we won't be responsible for any financial loss to our readers.
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