USDCAD-As highlighted in our weekly analysis, USDCAD remains vulnerable to the downside but now trades in a range between the 1.0745 and 1.0401 levels. Although seen building up strength in early trading today, while that occurs below the 1.0867 level, its Nov 01’09 high and its Nov 27’09 high at 1.0745, nearer term outlook for the pair points lower towards the 1.0401 level and then its YTD low at 1.0204 with an invalidation of there pushing it further towards the 1.0100 and then the 1.0000 level. This view is consistent with its broader medium term downtrend. If however, the 1.0867/1.0745 area is violated, we could see further higher prices towards the 1.0991 level, its Sept 27’09 high and then its Sept 02’09 high at 1.1101. On the whole, the pair continues to be dominated by its medium and short term downtrends though seen trading in a sideways range.