USDCAD - Bullish while above 1.0181.

More PIA-first, yesterday09 December 2011 Although a new five  week low was posted yesterday USDCAD sentiment reversed aggressively. Buyers near 1.0000 led to a move back above 1.0200 and the most positive performance for 13 trading days. Although gains have not been built upon, to any great degree, in Asia and intraday signals for sentiment are now at overbought extremes, we look for setbacks to continue to be limited and temporary. In view of this our call is Bullish while above 1.0181. The immediate objective is 1.0260 with a move beyond that point targeting 1.0295 then 1.0320, the open from November 30.
Selling below 1.0181 is the risk to this call as it indicates that the buying pressure is weaker than currently assessed. Prices and sentiment should then decline to 1.0165 then 1.0122.