[m.youssif]

A short term bottom is formed at 0.9525 in USD/CAD and stronger recovery might be seen to 0.9666 support turned resistance. But upside should be limited below 0.9750 cluster resistance (50% retracement of 0.9972 to 0.9525 at 0.9749) and bring down trend resumption. Below 0.9525 will target 100% projection of 1.0285 to 0.9666 from 0.9972 at 0.9353.

In the bigger picture, medium term decline from 2009 high of 1.3063 is still in progress and has just resumed. Daily MACD's break of it's trend line suggests that the down trend is possibly regaining momentum again. In any case, outlook will remain bearish as long as 0.9972 resistance holds and further fall would now be seen towards 0.9056 key support (2007 low). Though, we'd again start to look for reversal signal as USD/CAD approaches this key support level.

[m.youssif]

A short term bottom is formed at 0.9525 in USD/CAD and stronger recovery might be seen to 0.9666 support turned resistance. But upside should be limited below 0.9750 cluster resistance (50% retracement of 0.9972 to 0.9525 at 0.9749) and bring down trend resumption. Below 0.9525 will target 100% projection of 1.0285 to 0.9666 from 0.9972 at 0.9353.

In the bigger picture, medium term decline from 2009 high of 1.3063 is still in progress and has just resumed. Daily MACD's break of it's trend line suggests that the down trend is possibly regaining momentum again. In any case, outlook will remain bearish as long as 0.9972 resistance holds and further fall would now be seen towards 0.9056 key support (2007 low). Though, we'd again start to look for reversal signal as USD/CAD approaches this key support level.