[m.youssif]

As noted before, a short term bottom is formed in USD/CAD at 0.9444. Rebound from there extended to as high as 0.9710 so far and met 55 days EMA as expected. Further rise could still be seen as long as 0.9567 minor support holds, towards falling channel resistance (now at 0.9781). On the downside, below 0.9567 minor support will flip bias back to the downside for retesting 0.9444. But 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]

As noted before, a short term bottom is formed in USD/CAD at 0.9444. Rebound from there extended to as high as 0.9710 so far and met 55 days EMA as expected. Further rise could still be seen as long as 0.9567 minor support holds, towards falling channel resistance (now at 0.9781). On the downside, below 0.9567 minor support will flip bias back to the downside for retesting 0.9444. But 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.