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Thursday, October 18, 2012

$USDCAD

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

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

First resistance is the reaction high crossing at 102.56. 
Second resistance is September's high crossing at 103.59. 

First support is the reaction low crossing at 100.99. 
Second support is the reaction low crossing at 100.26.