[m.youssif]

USD/CAD dips lower today and intraday bias remains on the downside for 0.9525 support Break there will confirm down trend resumption for 100% projection of 1.0285 to 0.9666 from 0.9972 at 0.9353. On the upside, above 0.9582 minor resistance will delay the bearish view and bring more consolidations first. But even in case of another recovery, we'd 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 eventually.

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 dips lower today and intraday bias remains on the downside for 0.9525 support Break there will confirm down trend resumption for 100% projection of 1.0285 to 0.9666 from 0.9972 at 0.9353. On the upside, above 0.9582 minor resistance will delay the bearish view and bring more consolidations first. But even in case of another recovery, we'd 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 eventually.

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.