USDCAD: Challenging the support at 1.0411

Monday, November 4, 20131comments


USD/CAD has weakened near the key resistance area implied by the declining channel and 1.0516. The support at 1.0411 is again challenged. Other supports can be found at 1.0366 and 1.0314 (intraday low). An initial resistance lies at 1.0454.

In the longer term, the key resistance at 1.0870 (02 November 2009 high and the long-term declining trendline from the October 2002 peak) continues to represent a major hurdle. However, the successful test of the support area implied by the long-term rising trendline (around 1.0257) and the 200 day moving average favours a new test of this obstacle. 
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