USDCAD: Bull Pressure Set To Target The 0.9840 Level.

USDCAD: The pair remains biased to the downside as it sold off for a third consecutive day on Tuesday. This development now leaves the pair targeting its key support located at the 0.9840 level, its Mar 01’2012 low with a decisive violation of there aiming at the 0.9804 level, its Sept 19’2011 low. Further down, support lies at the 0.9779 level, its Sept 16’2011 low followed by the 0.9724 level, its Aug 31'2011 low. Its daily RSI is bearish and pointing lower supporting this view. On the upside, the pair will have to climb back above the 1.0048/51 levels to annul its present bearishness and bring further gains towards the 1.0146 level. Further out, resistance resides at the 1.0250 level and then the.0317 level followed by the 1.0423 level, its Dec 14’2011 high. All in all, the pair remains vulnerable to the downside on further declines.

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Tags: analysis, forex, research, technical

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