USDCAD: Our outlook on USDCAD points to the downside as the 0.9926 level is beckoning. A decisive break below there will call for a run at the 0.9890 level, its Oct 27’2011 high. Further down, support resides at its Sep 16’2011 low at 0.9779. Both its daily and weekly RSI are bearish and pointing lower suggesting further declines. Alternatively, the 1.0051/74 levels will have to be violated to put on hold the pair’s present weakness and then target the 1.0284/1.0317 levels . Further out, resistance comes in at the 1.0423 level, its Dec 14’2011 high followed by its Nov 25’2011 high at 1.0524. Further out, its Oct’2011 high at 1.0665 will come in as the next upside target. All in all, the pair remains vulnerable to the downside nearer term
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