USD/CAD:
The pair may have backed off higher prices and turned lower but still retains most of its recovery gains started from its July 13’10 low at 1.0274. This suggests that on ending its current price hesitation, a run to the upside towards the 1.0578 level is envisaged with violation of there turning attention to the 1.0675 high, its July 06’10 high. A firm break through there will allow for further up move towards the 1.0851 level, its 2010 high and then the 1.0991 level, its Sept 28’10 high. This view is still consistent with its recovery triggered from the 09927 level. Alternatively, weakness if it materializes should target the 1.0379 level, its July 16’10 low with a breach of there turning attention to its July 13’10 low at 1.0274 and then the 1.0137 level, its Jun 21’10 low. Overall, though consolidating, the pair continues to maintain its base forming process.
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