USD/CAD: New rebound on the lower band of the medium term bullish channel
--- Follow up analysis ---
The bullish movement has continued on the pair USD/CAD, following the rebound of the lower band of the medium term bullish channel (purple lines). The price got shortly over the psychological level at 1.0 but seems to have some difficulties to pursuit its movement above this level.
However, we continue to advise long positions as far as 0.9934 is support. A return above 1.0 will comfort our bullish feeling and should allow the price to reach the resistance at 1.0050 and the upper band of the channel at 1.01 in extension.
In case of return below 0.9934, we will be neutral between this level and 0.9889. The breakout of this last level will indicate an exit of the channel.
Analysis published by Bruno, the 11/12/2012 at 8h45 GMT+2
Chart of the pair USD/CAD - Timeframe 4H
Chart of the pair USD/CAD - Timeframe 1H
|USD/CAD Live Chart - Timeframe : 4h|
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