USDCAD:Having reversed almost all of its recovery gains started at the 1.1983 level, its April 16’09 low,USDCAD is now shaping up for a retest of that level in the coming week. Supporting this is the fact that the pair has printed a higher level rejection candle and its weekly momentum indicators are bearish and pushing to the downside suggesting further weakness. Beyond the 1.1983 level will set the stage for a move lower towards the 1.1771 level, its Jan 07’09 low and then its Nov 05’08 low at 1.1464. Resistance is located at the 1.2192 level, its Mar 19’09 low ahead of its April 07’09 high at 1.2484 followed by the 1.2716 level, its April 01’09 high with a cut through there putting the next upside target at the 1.2957 level, its Mar 12’09 high. Overall, weakness off the 1.3064 level remains in progress having invalidated and maintained below its ascending triangle

Support Comments

1.2192 Mar 19’09 high

1.2024 Jan 28’09 low

1.1981/71 April 16’09 low/daily 200 ema

Resistance Comments

1.2482 April 07’09 low

1.2673 Feb17’09 high

1.2789 Mar 16’09 high

Dailly Chart: USDCAD