USDCAD: Collapses, Halts Upside Offensive.
USDCAD: The pair ended the week lower after an attempt on the upside failed the past week and pushed USDCAD to a low of 1.0384 on Friday. With that said, we think a follow through lower should see the pair weakening further towards the 1.0246 level, its Aug 19’10 low with a violation of there turning focus to the 1.0106 level. Conversely, though the pair continues to retain its bottoming process scenario, a cut through the 1.0666 level, its Aug 25’10 high is required to open the door for a further move higher towards the 1.0851 level, its 2010 high and even higher. Overall, despite its current price hesitation, we continue to retain our base building scenario.
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