[m.youssif]

USD/CAD's break of 0.9615 indicates that recent decline has resumed and intraday bias is back on the downside for 61.8% projection of 1.0285 to 0.9666 from 0.9972 at 0.9589. Break will target 100% projection at 0.9353. On the upside, above 0.9692 resistance will indicate that a short term bottom is formed and will bring stronger recovery. But upside should be limited below 0.9972 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]

USD/CAD's break of 0.9615 indicates that recent decline has resumed and intraday bias is back on the downside for 61.8% projection of 1.0285 to 0.9666 from 0.9972 at 0.9589. Break will target 100% projection at 0.9353. On the upside, above 0.9692 resistance will indicate that a short term bottom is formed and will bring stronger recovery. But upside should be limited below 0.9972 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.