[m.youssif]

USD/CAD's break of 0.9673 minor resistance suggests that a temporary low is in place at 0.9615 and turns intraday bias neutral. Some recovery might be seen towards 4 hours 55 EMA (now at 0.9717. But upside is expected to be limited well below 0.9826 resistance and bring fall resumption. Below 0.9615 will target 61.8% projection of 1.0285 to 0.9666 from 0.9972 at 0.9589 next.

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]

USD/CAD's break of 0.9673 minor resistance suggests that a temporary low is in place at 0.9615 and turns intraday bias neutral. Some recovery might be seen towards 4 hours 55 EMA (now at 0.9717. But upside is expected to be limited well below 0.9826 resistance and bring fall resumption. Below 0.9615 will target 61.8% projection of 1.0285 to 0.9666 from 0.9972 at 0.9589 next.

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.