USDCAD - As referenced in our previous analysis of the possibility of USDCAD turning off the 1.0000 level on initial test, well that has occurred as we are seeing a corrective recovery being initiated. The has pushed through its Mar 19'10 high at 1.0059 suggesting we could see further strength towards its psycho level at 1.0100. Beyond there will put pressure on the 1.0219 level, its Jan 14'10 low and the 1.0301 level, its Mar 26'10 high where a cap could may be seen turning the pair back down in line with its broader medium term downtrend. Further out, resistance levels are located at the 1.0320 level, its Mar 11'10 high and its Feb 22'10 low at 1.0368. Alternatively, below its 2010 low at 0.9975 level must be traded to reverse its present corrective recovery efforts and bring weakness towards the 0.9818 level, its July'08 low and then the 0.9707 level, its Feb'08 low or even lower.

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