USD/CAD: Breaks The 1.0368 level, Eyes 1.0219/04 levels

 @ibtimes
on March 02 2010 8:41 AM

USDCAD-The pair is currently seen breaking through its Feb 22'10 low at 1.0368 and opening further downside risk . This is coming on the heels of a loss of upside momentum at the 1.0678 level on Feb 25'10. With this development, the pair looks to head further lower towards the 1.0219/04 level, its 2010/2009 lows with a cut through there turning attention to its psycho level at 1.0100 and then its bigger psycho/parity level at 1.0000. The implication of this occurring is that it will nullify USDCAD's bottom forming process now in place. On the upside, to halt its current declines, USDCAD must break and hold above the 1.0678 level to increase chances of further upside gains towards the 1.0779 level, its 2010 high and then its Dec 01'09 high at 1.0867. Above this key levels will set the stage for more gains towards the 1.0991 level, its Sept 27'09 high and possibly higher.

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