USDCAD: Weakening

Monday, October 14, 20130 comments

USD/CAD has weakened near the resistance at 1.0436. The support area given by 1.0353 and the rising channel which is around 1.0336 is challenged. Another support stands at 1.0275.

In the longer term, the key resistance at 1.0870 (02 November 2009 high and the long-term declining trend line from the October 2002 peak) is expected to cap the medium-term upside potential. Furthermore, a decisive break of the support area between 1.0246 (31 July 2013 low) and the long-term rising trend line which is around 1.0200 would deteriorate the long-term technical structure.
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