USD/CAD: Current outlook for January 23, 2013

January 24, 2013
The pair reached the 0.9980-1.0055 resistance area, right where the 200-Day SMA resides. A clear break above this area would confirm the medium-term uptrend towards the 1.0250 resistance. Otherwise, we would see a drop back towards the 0.9880-0.9910 resistance-turned-support area, which contains the 50-Day SMA and the 100-Day SMA, with a break below to confirm setbacks towards the 0.7735-0.7760 support area and ultimately ahead of the 0.9630 low.
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