Having rejected lower level prices and triggered a recovery to close higher the past week, USDCAD now looks to strengthen further. This has set the stage for a further upside towards the 1.0305 level, its Dec 21'2011 high. A clearance of here will bring gains towards the 1.0423 level, its Dec 14'2011 high followed by its Nov 25'2011 high at 1.0524. Further out, its Oct'2011 high at 1.0665 will come in as the next upside target. Its daily RSI has turned higher supporting this view. Alternatively, despite its present corrective recovery, the pair remains vulnerable to downside suggesting any price failure will see it turning lower towards the 1.0074/51 level. Below here will aim at its Nov 01'2011 low at 0.9970. Further down, support comes in at the 0.9890 level, its Oct 27'2011 high on further weakness. All in all, the pay may have started a correction of its recent declines.

Weekly