USDCAD: With a sell-off through its Oct 25’2011 low at 0.9989 level and its daily 200 ema seen on Thursday seen, further downside pressure is now build up. In such a case, the 0.9765 level, its Aug 09’2011 low should come in as the next downside target. A decisive penetration of here will set the stage for further declines towards the 0.9724 level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, a return above the 1.0210 level, its Oct 25’2011 high is required to create a temporary bottom and bring further strength towards its Oct 18’2011 high at 1.0262 where a breach will pave the way for further gains towards the 1.0386 level, its Oct 10’2011 high. Further out, resistance strands at the 1.0481 level, its Oct 06’2011 high. All in all, the pair remains vulnerable to the downside as it looks to weaken further.
Forex
USDCAD: Violates The 0.9989 Level, Maintains Firm Bearish Momentum.
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