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Forex: USD/CAD: Potential upside reversal forming - MIG Bank

By FXstreet.com,  May 12, 2011, 09:49:00 AM EDT

FXstreet.com (Barcelona) - Canadian Dollar has bounced sharply from multi-year lows at 0.9450 area, reaching prices nearing key resistance at 0.9975, Apr 18 high, which needs to be breached, according to the MIG Bank technical analysis team, to weaken the overall bearish structure.

On the near term, the MIG Bank technical analysis team, points out to 0.9722 and 0.9825 resistance levels: "Bulls need to sustain a close above 0.9722 (18th April high) to offer further upside extension into 0.9825 (TDST line) and 0.9968 (17th March high), then towards 1.0000 (parity level)."

On the downside, 0.9446 is considered key support to maintain the neat-term recovery tone: "Daily structure reveals a possible reversal pattern forming which will be negated on a push back under 0.9446."




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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