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Old 04-28-2012, 06:07 AM
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Mohammed Isah Mohammed Isah is offline
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Default USDCAD: Weakens, Takes Out Key Support (The Week Ahead)

USDCAD: With the pair breaking below its key support located at the 0.9840 level the past week, the risk into the new week will be for USDCAD to weaken further. In such a case, its Sept 162011 low at 0.9779 level will be aimed at with a violation of there turning attention to the 0.9724 level, its Aug 31'2011 low. Below here will call for a run at the 0.9601 level. Its weekly 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. This will 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 142011 high. All in all, the pair remains vulnerable to the downside on further declines.
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