[m.youssif]

USD/CAD's down trend was still in progress and dropped to as low as 0.9525 last week. Initial bias remains on the downside this week with 0.9623 minor resistance intact and further fall should be seen towards 100% projection of 1.0285 to 0.9666 from 0.9972 at 0.9353. On the upside, break of 0.9623 minor resistance will argue that a short term bottom is possibly in place and should bring recovery to 0.9666 support turned resistance instead.

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.

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 was still in progress and dropped to as low as 0.9525 last week. Initial bias remains on the downside this week with 0.9623 minor resistance intact and further fall should be seen towards 100% projection of 1.0285 to 0.9666 from 0.9972 at 0.9353. On the upside, break of 0.9623 minor resistance will argue that a short term bottom is possibly in place and should bring recovery to 0.9666 support turned resistance instead.

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.

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.