With a break and hold above the 0.9631 level seen in early trading today, USDCAD is building up more strength towards the 0.9778 level, its July 12'2011 high. Further out, resistance comes in at the 0.9912 level traded on Jun 27'2011. Its daily RSI is bullish and pointing higher suggesting further strength. Alternatively, on any pullback, the pair will initially aim at the 0.9631 level where a violation could see it retargeting its 2011 low at 0.9403. A firm break below here will resume its long term downtrend and pave the way for a move further lower towards the 0.9300 level, its psycho level ahead of the 0.9200 level and subsequently its 2007 low at 0.9055.
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