USD/CAD Weekly Technical Report 1-5/10/2012
In many cases, when we have a breach though a bullish opening gap, we cannot confirm the breach until we have more technical signs. The Linear Regression Indicators are now positive, yet Stochastic is trading near overbought areas and that restricts the breach confirmation. We prefer to remain neutral and await more confirmations.
The trading range for this week is among the key support at 0.9625 and key resistance at 1.0000.
The short term trend is expected to the downside with daily closing below 1.0125 targeting areas of 0.9400.
Support 0.9825 0.9800 0.9760 0.9715 0.9680
Resistance 0.9870 0.9900 0.9935 0.9970 1.0000
Recommendation Based on the charts and explanations above, we remain neutral for now awaiting more confirmations for the next move
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