USD/CAD Weekly Technical Report 15-19/10/2012

 The pair consolidated above the Linear Regression Indicators 34 & 55 which are trading positively. Stochastic is stable above 50 and RSI is attempting to also breach this level. Nevertheless, trading is below the main resistance for the downside wave and below 0.9885 and the pair is required to breach those levels higher to support the return of the bullishness. Therefore, our weekly outlook for now is neutral to see if the pair will breach 0.9885 or trading will return to stabilize below 0.9760.

The trading range for this week is among the key support at 0.9625 and key resistance at 0.9970.

The short term trend is expected to the downside with daily closing below 1.0125 targeting areas of 0.9400.

Support    0.9760    0.9715    0.9680    0.9625    0.9585
Resistance    0.9825    0.9885    0.9900    0.9935    0.9970
Recommendation    Based on the charts and explanations above, we remain neutral for now awaiting more confirmations for the next move