[m.youssif]

USD/CAD's rebound from 0.9444 extended further to to as high as 0.9602 so far and the break of 0.9575 resistance suggests that as short term bottom is formed on bullish convergence condition in 4 hours MACD. Intraday bias is cautiously on the upside for stronger rebound towards 55 days EMA (now at 0.9677). On the downside, break of 0.9444 is needed to confirm down trend resumption. Otherwise, we'll stay neural and expect more consolidations first.

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 rebound from 0.9444 extended further to to as high as 0.9602 so far and the break of 0.9575 resistance suggests that as short term bottom is formed on bullish convergence condition in 4 hours MACD. Intraday bias is cautiously on the upside for stronger rebound towards 55 days EMA (now at 0.9677). On the downside, break of 0.9444 is needed to confirm down trend resumption. Otherwise, we'll stay neural and expect more consolidations first.

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.