We continue to hold onto our downside view on USDCAD as it trades below its key resistance at the 1.0048/51 levels. While holding below here, there is risk of a relapse to the 0.9804 level, its Sept 19'2011 and the 0.9806 level. Further down, support lies at the 0.9779 level, its Sept 16'2011 low followed by the 0.9724 level, its Aug 31'2011 low. Its daily RSI is bearish and pointing lower supporting this view. On the upside, the pair will have to climb back above the 1.0048/51 levels to annul its broader bearishness and bring further gains towards the 1.0146 level. Further out, resistance resides at the 1.0250 level and then the.0317 level. All in all, the pair remains vulnerable to the downside on further declines.