USDCAD: Bear Pressure Targets 1.0000/9 And Beyond.

Filed in Gold Bullion prices, silver by on May 13, 2010 0 Comments

USDCAD: Bear Pressure Targets 1.0000/9 And Beyond. USDCAD- With continued weakness seen, further downside risk is now expected towards its May 03’10 low at 1.009 and its parity level at 1.0000. This is coming on the back of a recovery failure at the 1.0737 level. We expect the mentioned support levels to hold on an initial test but if they snap, more losses could be witnessed towards its 2010 low at 0.9927. A cut through there will resume its broader medium term weakness started from the 1.3060 and clear the way further weakness. Alternatively, if a hold above the 1.0000/9 levels materializes then a stab at the 1.0213 level, its April 19’10 low could occur with a break targeting the 1.0301 level and then the 1.0368 level, its Feb 22’10 low. Further out, resistance is located at the 1.0737 level, its May 06’10 high. Overall, with continued bearishness seen, lower prices are expected towards the 1.0000/9 levels and beyond. Attached Images

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USDCAD: Bear Pressure Targets 1.0000/9 And Beyond.

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