[m.youssif]

Intraday bias in USD/CAD remains neutral and some more consolidations could be seen above 0.9453. But still, upside of recovery should be limited by near term falling trend line resistance (now at 0.9664) and bring fall resumption. Below 0.9453 will extend recent down trend towards 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 is possibly building up 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]

Intraday bias in USD/CAD remains neutral and some more consolidations could be seen above 0.9453. But still, upside of recovery should be limited by near term falling trend line resistance (now at 0.9664) and bring fall resumption. Below 0.9453 will extend recent down trend towards 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 is possibly building up 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.