USD/CAD Weekly Technical Report 10-14/11/2012

The pair dropped reaching close to the second target of the bearish Harmonic Butterfly Pattern at 0.9855 levels. Stochastic is showing oversold signals as the harmonic technical analysis shows that the second target at 0.9855 represents an interval between the possible extension of the targets or settling for the downside move. Therefore, we remain neutral in our weekly report waiting for new confirmation signals.

The trading range for this week is among key support at 0.9735 and key resistance at 1.0040.

The general trend over short term basis is to the downside at levels 1.0125 targeting 0.9400.

Support 0.9855 0.9825 0.9800 0.9770 0.9735

Resistance 0.9900 0.9935 0.9950 0.9980 1.0000

Recommendation Based on the charts and explanations above, we remain neutral for now awaiting more confirmations for the next move