[m.youssif]

USDCAD's drops further to as low as 0.9615 so far today and intraday bias remains on the downside. Current down trend is expected to target 61.8% projection of 1.0285 to 0.9666 from 0.9972 at 0.9589 next. On the upside, above 0.9673 minor resistance will turn bias neutral and bring consolidations. But upside should be limited below 0.9826 resistance and bring fall resumption.

In the bigger picture, medium term decline from 2009 high of 1.3063 is still in progress and has just resumed. As noted before, such decline is still looking corrective and thus, we'd expect strong support between 0.9056/9709 to contain downside and bring another medium term rise. We'd continue to look for sign of loss of momentum and reversal in the current decline. However, break of 1.0851 resistance is needed to confirm trend reversal. Otherwise, outlook will remain bearish.

[m.youssif]

USDCAD's drops further to as low as 0.9615 so far today and intraday bias remains on the downside. Current down trend is expected to target 61.8% projection of 1.0285 to 0.9666 from 0.9972 at 0.9589 next. On the upside, above 0.9673 minor resistance will turn bias neutral and bring consolidations. But upside should be limited below 0.9826 resistance and bring fall resumption.

In the bigger picture, medium term decline from 2009 high of 1.3063 is still in progress and has just resumed. As noted before, such decline is still looking corrective and thus, we'd expect strong support between 0.9056/9709 to contain downside and bring another medium term rise. We'd continue to look for sign of loss of momentum and reversal in the current decline. However, break of 1.0851 resistance is needed to confirm trend reversal. Otherwise, outlook will remain bearish.