USDCAD: With the pair pushing through and holding above its Oct 10’2011 high at 1.0264 level the past week and following through strongly during Monday trading session, further bull pressure is likely in the days ahead. This will leave the 1.0481 level, its Oct 06’2011 high as the next key upside target with a violation of there extending further upside offensive towards its Oct’2011 high at 1.0665. Its daily and weekly RSI are bullish and pointing higher suggesting further upside. Alternatively, support lies at the 1.0264 level where a reversal of roles is expected to occur but if that level breaks, USDCAD could weaken further towards the 0.9890 level, its Oct 27’2011 high. A breach if seen will turn further downside risk to the 0.9779 level, its Aug 16’2011 low and its Aug 31’2011 low at 0.9724. All in all, the pair continues to retain its upside tone as it looks to head further higher towards the 1.0481 level.
