USDCAD: Its bottom forming process continues to play out as USDCAD is still consolidating slightly above the 0.9682 level, its Mar 01'2011 low. In case a recovery higher occurs, we expect it to be capped at the 0.9809 level, its Feb 17'2011 low. This level should reverse roles and provide resistance thus turning the pair back lower in the direction of its long-term weakness. This will see USDCAD attacking its Mar 01'2011 low at 0.9682 with a convincing break of this level extending further weakness towards its psycho level at 0.9600 and then the 0.9500 level. On the upside, if a break of its Mar 02'2011 high at 0.9774 level and the 0.9809 level, its Feb 17'2011 low happen, further upside risk will shape up towards the 0.9958 level, Feb 15'2010 and then the 1.0056 level.
About the Author
Mohammed Isah
Market Analyst
www.fxtechstrategy.com
This report is prepared solely for information and data purposes. Opinions, estimates and projections contained herein are the author's own as of the date hereof and are subject to change without notice. The information and opinions contained herein have been compiled or arrived at from sources believed to be reliable but no representation or warranty, express or implied, is made as to their accuracy or completeness and neither the information nor the forecast shall be taken as a representation for which the author incur any responsibility. The does not accept any liability whatsoever for any loss arising from any use of this report or its contents. This report is not construed as an offer to sell or solicitation of any offer to buy any of the currencies referred to in this report
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