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Technical Focus: USDCAD

USDCAD:  With continued weakness pushing USDCAD further lower on Thursday, the pair is poised to weaken further. In such a case, the 0.9500 level, its psycho level will be aimed at initially with a violation of that level turning risk to the 0.9400 level and possibly lower towards the 0.9300 level. Its daily RSI is bearish and pointing lower suggesting further weakness. On the upside, USDCAD will have to close above the 0.9691 level to reduce its present downside pressure and bring further recovery towards the 0.9731 level where a reversal of roles as resistance is likely to occur. Further out, resistance lies at 0.9824 level, its Mar 24’2011 high and then the 0.9969 level, its Mar 15’2011 high. All in all, as long as the pair continues to trade below the 0.9664 level, risk remains lower.