[m.youssif]

USD/CAD's break of 0.9525 support confirms resumption of recent down trend. Intraday bias remains on the downside for 100% projection of 1.0285 to 0.9666 from 0.9972 at 0.9353. On the upside, above 0.9556 minor resistance will turn bias neutral and bring consolidations. But break of 0.9720 resistance is needed to signal short term bottoming. Otherwise, outlook will remain bearish.

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 break of 0.9525 support confirms resumption of recent down trend. Intraday bias remains on the downside for 100% projection of 1.0285 to 0.9666 from 0.9972 at 0.9353. On the upside, above 0.9556 minor resistance will turn bias neutral and bring consolidations. But break of 0.9720 resistance is needed to signal short term bottoming. Otherwise, outlook will remain bearish.

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.