Autochartist has recently identified the horizontal Key Support Level 0.9826 (of the type Approach) on the daily USD/CAD charts. The Significance of this support level is measured at the 6 bar level as a result of the 6 price reversals from this support over the last 153 candlesticks. The price had earlier reversed down (at point A) from the strong resistance at 1.0500 - in accordance with the prevailing downtrend visible on the daily and the weekly USD/CAD charts. The subsequent sharp downward price impulse recently broke down through the longer-term upward support trendline from the July of 2011, whose last connecting point (B) formed when the pair reversed up from this Key Support Level earlier in April of this year (as is shown on the second chart below). The pair is expected to fall further toward 0.9826.
The weekly USD/CAD chart below shows the longer-term picture of this currency pair's movement:
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