USD/CAD Weekly Technical Report 29/10-2/11/2012

The pair has reached a significant resistance level shown on the graph. Linear Regression Indicators are positive but the positivity on momentum indicators is weakening. Therefore, we prefer to be neutral for now  to see how the pair would react in front of the referred to key resistance in addition to the resistance represented in a previous top at 0.9969 levels.

The trading range for this week is between the key support at 0.9800 and the key resistance at 1.0040.

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

Support 0.9910 0.9895 0.9880 0.9850 0.9820

Resistance 0.9940 0.9965 0.9995 1.0010 1.0040

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