[m.youssif]

USD/CAD

Some consolidations could be seen above 0.9745 temporary low but after all, another fall is still in favor with 0.9862 minor resistance intact. As noted before, rebound from 0.9666 has completed at 0.9972 already and 0.9666 is not the bottom yet. Below 0.9745 will target 0.9666 and break will resume recent down trend for 61.8% projection of 1.0285 to 0.9666 from 0.9972 at 0.9589. However, above 0.9862 will mix up the near term outlook again.

In the bigger picture, while the rebound from 0.9666 was strong, it's still too early to conclude medium term reversal. Whole down trend from 1.3063 (2009 high) could still extend further lower as long as 1.0851 resistance holds. But even in that case, as fall from 1.3063 is still looking corrective and hence, we'd expect strong support between 0.9056/9709 to contain downside and bring another medium term rise.

[m.youssif]

USD/CAD

Some consolidations could be seen above 0.9745 temporary low but after all, another fall is still in favor with 0.9862 minor resistance intact. As noted before, rebound from 0.9666 has completed at 0.9972 already and 0.9666 is not the bottom yet. Below 0.9745 will target 0.9666 and break will resume recent down trend for 61.8% projection of 1.0285 to 0.9666 from 0.9972 at 0.9589. However, above 0.9862 will mix up the near term outlook again.

In the bigger picture, while the rebound from 0.9666 was strong, it's still too early to conclude medium term reversal. Whole down trend from 1.3063 (2009 high) could still extend further lower as long as 1.0851 resistance holds. But even in that case, as fall from 1.3063 is still looking corrective and hence, we'd expect strong support between 0.9056/9709 to contain downside and bring another medium term rise.