USDCAD: Weakening

Tuesday, October 15, 20130 comments

USD/CAD has broken the support area given by 1.0353 and the rising channel, opening the way for a further short-term decline towards the support at 1.0275. An initial resistance lies at 1.0375 (14 October 2013 high). Another resistance can be found at 1.0420 (10 October 2013 high).

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 (around 1.0200) would deteriorate the long-term technical structure.
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