[m.youssif]

USD/CAD's down trend resumed towards the end of last week by breaking 0.9453 low and reached as low as 0.9445. Initial bias will remain on the downside this week for 100% projection of 1.0285 to 0.9666 from 0.9972 at 0.9353 first. On the upside, break of 0.9757 resistance is needed to signal short term bottoming. Otherwise, outlook will remain bearish even in case of recovery.

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.

In the longer term picture, firstly, there is no clear indication that the long term down trend from 2002 high of 1.6196 has reversed. Secondly, the medium term fall from 1.3063 is so far looking corrective. Hence, we're slightly favoring the case that price actions from 0.9056 are developing into a long term corrective pattern.

[m.youssif]

USD/CAD's down trend resumed towards the end of last week by breaking 0.9453 low and reached as low as 0.9445. Initial bias will remain on the downside this week for 100% projection of 1.0285 to 0.9666 from 0.9972 at 0.9353 first. On the upside, break of 0.9757 resistance is needed to signal short term bottoming. Otherwise, outlook will remain bearish even in case of recovery.

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.

In the longer term picture, firstly, there is no clear indication that the long term down trend from 2002 high of 1.6196 has reversed. Secondly, the medium term fall from 1.3063 is so far looking corrective. Hence, we're slightly favoring the case that price actions from 0.9056 are developing into a long term corrective pattern.