[m.youssif]

USD/CAD recovers mildly after hitting 61.8% projection of 1.0285 to 0.9666 from 0.9972 at 0.9589. Some sideway consolidation might be seen but still, near term outlook remain bearish as long as 0.9692 resistance holds. Sustained trading below 0.9589 will pave the way to 100% projection at 0.9353. Though, break of 0.9692 will indicate short term bottoming and bring stronger rebound.

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 recovers mildly after hitting 61.8% projection of 1.0285 to 0.9666 from 0.9972 at 0.9589. Some sideway consolidation might be seen but still, near term outlook remain bearish as long as 0.9692 resistance holds. Sustained trading below 0.9589 will pave the way to 100% projection at 0.9353. Though, break of 0.9692 will indicate short term bottoming and bring stronger rebound.

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.