USDCAD: All Eyes On The 1.0219/04 Levels

USDCAD- We continue to maintain our broader bearish view on the pair for a break through the 1.0219/04 levels, its 2010/2009 lows and possibly triggering further downside pressure. A test of that zone occurred on Wednesday. A decisive break through the 1.0219/04 levels will create scope for further downside towards its psycho level at 1.0100 and then its bigger psycho/parity level at 1.0000. On the upside, to reverse its current declines, USDCAD must break and hold above the 1.0678 level thereby increasing chances of further strength towards the 1.0779 level, its 2010 high and then its Dec 01’09 high at 1.0867. Beyond these key levels will set the stage for more gains towards the 1.0991 level, its Sept 27’09 high and possibly higher.

Mohammed Isah
Market Analyst
www.fxtechstrategy.com

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