USDCAD: The pair has capped its corrective recovery ahead of its key resistance at the 1.0048 level and turned lower. In such a case, the 0.9900 level will come in as the next downside target followed by the 0.9804 level, its Sept 19’2011 low. Any price extension below here will aim at the 0.9779 level, its Sept 16’2011 low. Further down, support lies at the 0.9757 level. Its daily RSI is bullish and pointing lower supporting this view. Alternatively, the pair will have to return above the 1.0048 level to reverse its downside threats. This will pave the way for a further run to the upside towards the 1.0250 level and subsequently the.0317 level All in all, the pair continues to hold on to its broader bearish bias.
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