[m.youssif]

USD/CAD's recovery from 0.9453 might have finished at 0.9575 already and intraday bias is cautiously on the downside for 0.9453 first. Break will confirm down trend resumption and should target 100% projection of 1.0285 to 0.9666 from 0.9972 at 0.9353 next. On the upside, above 0.9575 will bring more consolidation. But in case of stronger recovery, upside of recovery should be limited by near term falling trend line resistance (now at 0.9642) and bring fall resumption.

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 0.9453 might have finished at 0.9575 already and intraday bias is cautiously on the downside for 0.9453 first. Break will confirm down trend resumption and should target 100% projection of 1.0285 to 0.9666 from 0.9972 at 0.9353 next. On the upside, above 0.9575 will bring more consolidation. But in case of stronger recovery, upside of recovery should be limited by near term falling trend line resistance (now at 0.9642) and bring fall resumption.

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.