USD/CAD Technical Analysis for the Week of October 10, 2011

USD/CAD had a wild week over the last 5 sessions, and continues to be choppy in its ranges. However, the Friday session saw a bullish hammer which could suggest that the next move in this pair is to the upside. The CAD is highly sensitive to risk, and we should continue to see the Canadian dollar sell off anytime there is bad news. The pair looks set to move up – but the 1.0650 level will be massive resistance. If it gives way, this pair could continue much farther to the upside.

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