USD/CAD Weekly Technical Report  7-11/1/2013

Support area at 0.9850 proved its strength again and Stochastic offers a positive crossover after rebounding to the upside from levels around 20. Therefore, we think that the pair might attempt to move to the upside, and a breach of 0.9910 levels with stability above it will extend the bullish move this week. The positive expectations require stability above 0.9800 levels. 

The trading range for this week is between the key support at 0.9690 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 0.9875 0.9850 0.9820 0.9800 0.9780

Resistance 0.9895 0.9910 0.9980 0.9965 1.0040

Recommendation Based on the charts and explanations above, our opinion is buying the pair above 0.9850 targeting 0.9910, 0.9980 then 1.0040 and stop-loss with four-hour closing below 0.9780 might be appropriate this week