[m.youssif]

USD/CAD's recovery from 0.9444 extends further today and the development indicates that consolidations from 0.9453 is still in progress. While stronger rise cannot be ruled out, we'd stay bearish in the pair as long as 0.9575 resistance holds and expect another decline soon. Break of 0.9444 will extend recent down trend towards 100% projection of 1.0285 to 0.9666 from 0.9972 at 0.9353 first. Break there will pave the way to key support level at 0.9056, which is close to 0.9 psychological level. Above 0.9575 will argue that a short term term bottom is formed and would bring stronger rebound towards 0.9720 resistance instead.

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's recovery from 0.9444 extends further today and the development indicates that consolidations from 0.9453 is still in progress. While stronger rise cannot be ruled out, we'd stay bearish in the pair as long as 0.9575 resistance holds and expect another decline soon. Break of 0.9444 will extend recent down trend towards 100% projection of 1.0285 to 0.9666 from 0.9972 at 0.9353 first. Break there will pave the way to key support level at 0.9056, which is close to 0.9 psychological level. Above 0.9575 will argue that a short term term bottom is formed and would bring stronger rebound towards 0.9720 resistance instead.

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.