[m.youssif]

USD/CAD was held above 0.9453 support and recovers and the development suggests that consolidation from there is still in progress. Intraday bias is turned neutral again and stronger recovery might be seen. But upside is still expected to be limited by near term falling trend line resistance (now at 0.9628) and bring fall resumption. On the downside, break of 0.9453 will confirm down trend resumption and should target 100% projection of 1.0285 to 0.9666 from 0.9972 at 0.9353 next.

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]

USD/CAD was held above 0.9453 support and recovers and the development suggests that consolidation from there is still in progress. Intraday bias is turned neutral again and stronger recovery might be seen. But upside is still expected to be limited by near term falling trend line resistance (now at 0.9628) and bring fall resumption. On the downside, break of 0.9453 will confirm down trend resumption and should target 100% projection of 1.0285 to 0.9666 from 0.9972 at 0.9353 next.

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.