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07.12.201112:11 Forex Analysis & Reviews: USD/CAD Noughs and Crosses analysis for December 7, 2011

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The pair’s upside movement ended after it had passed the resistance level 1.018. We received a false buy signal as the pair is in the downtrend.

At the moment the pair is declining to 1.008; in case this level is broken the downside movement will continue up to the support level 1.0.

The key support level likely to be reached by the price is 0.99 where the pair is supposed to resume upside movement.

In case the pair bounces off the support at 1.008 the upside movement will last up to the resistance level 1.020 where the price is to meet the pressure of the sellers.

It is not recommended to buy the pair as it is in a strong downtrend now.

Support levels: 1.008, 1.0, 0.99

Resistance levels: 1.020

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