USDCAD: With the pair seen taking back its past week gains in early trading today, the risk of a return to the 1.0051 level, its Dec 08’2011 low is now building up. This if seen will leave the pair targeting its Nov 01’2011 low at 0.9970. A breather could occur here but if that level snaps, further declines could build up towards the 0.9890 level, its Oct 27’2011 high and possibly lower. Its daily RSI is bearish and pointing lower suggesting further weakness. On the upside, USDCAD will have to return above the 1.0423 level, its Dec 14’2011 high to halt its present weakness and then resume its strength towards its Nov 25’2011 high at 1.0524. Further out, its Oct’2011 high at 1.0665 will serve as the next upside target followed by its May 2011 high at 1.0852. All in all, the pair continues to remain vulnerable on bear pressure.
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