TECHNICAL ANALYSIS OF USDCAD 04/11/11
The intraday bias in USD / CAD remains cautiously upward with 1.0086 support intact. The fall from 1.0656 should have completed at 0.9891, above the 61.8% retracement of 0.9406 to 1.0656 at 0.9884. The structure of this decline indicates that the rebound from 0.9406 might not be finished yet. A further rise may occur toward the retest of the resistance of 1.0656. However, values below 1.0086 support capovolgeranno the downward bias and shift the focus towards 0.9891 support. A break at this point confirm the resumption of the decline from 1.0656 and should send USD / CAD at 0.9725 support.
The current development indicates that rebound from 0.9406 is merely a correction or consolidation of part of the plot down trend from 1.3063. Even if another rise can not be excluded during the consolidation, the rise should still remain limited by the 38.2% retracement of 1.3063 to 0.9406 to 1.0803 also in this case. E 'can anticipate the arrival of another down side up to a minimum of 0.9056 after the completion of the correction / consolidation.
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