[m.youssif]

USD/CAD's sharp fall and break of 0.9587 minor support suggests that recovery from 0.9525 is already completed at 0.9720. Intraday bias is back on the downside for 0.9525 first. Break will confirm down trend resumption for 100% projection of 1.0285 to 0.9666 from 0.9972 at 0.9353. In case of more consolidation, we'd continue to expect upside to be limited below 0.9750 cluster resistance (50% retracement of 0.9972 to 0.9525 at 0.9749) and bring down trend resumption.

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]

USD/CAD's sharp fall and break of 0.9587 minor support suggests that recovery from 0.9525 is already completed at 0.9720. Intraday bias is back on the downside for 0.9525 first. Break will confirm down trend resumption for 100% projection of 1.0285 to 0.9666 from 0.9972 at 0.9353. In case of more consolidation, we'd continue to expect upside to be limited below 0.9750 cluster resistance (50% retracement of 0.9972 to 0.9525 at 0.9749) and bring down trend resumption.

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.