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Thursday, October 11, 2012

$USDCAD

$USDCAD  closed lower on Wednesday and the low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. 

Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December renews the rally off June's low, last July's high crossing at 104.53 is the next upside target. Closes below the reaction low crossing at 100.99 would confirm that a short-term top has been posted. 

First resistance is last Friday's high crossing at 102.56. 
Second resistance is September's high crossing at 103.59. 

First support is the 10-day moving average crossing at 101.73. 
Second support is the reaction low crossing at 100.99.