[m.youssif]

USD/CAD drops to as low as 0.9577 so far today and met mentioned target of 61.8% projection of 1.0285 to 0.9666 from 0.9972 at 0.9589. Intraday bias remains on the downside for the moment and further fall should now be seen towards 100% projection at 0.9353. On the upside, break of 0.9692 resistance is needed to signal short term bottoming. Otherwise, outlook will remain bearish even in case of recovery.

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 drops to as low as 0.9577 so far today and met mentioned target of 61.8% projection of 1.0285 to 0.9666 from 0.9972 at 0.9589. Intraday bias remains on the downside for the moment and further fall should now be seen towards 100% projection at 0.9353. On the upside, break of 0.9692 resistance is needed to signal short term bottoming. Otherwise, outlook will remain bearish even in case of recovery.

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.