USD/CAD - Weekly technical Outlook

21 November 2009 @ 12:03 pm EDT

USD/CAD's rebound from 1.0416 extended further last week and the decisive break of 1.0593 support turned resistance indicates that correction from 1.0851 has already completed with three waves down to 1.0416 already. Initial bias remains on the upside this week for 1.0851 resistance first. Break will target 100% projection of 1.0205 to 1.0851 from 1.0416 at 1.1062 next. On the downside, below 1.0614 minor support will turn intraday bias neutral and bring retreat, but downside should be contained well above 1.0416 support and bring rise resumption.

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