USDCAD: Triggers Corrective Recovery
USDCAD: With USDCAD triggering a correction during early trading today, further upside could be seen in the days ahead. However, broader bias still points lower in the medium term. On the downside, support lies at the 1.0600 level where a break will aim at the 1.0550 level and then the 1.0500 level. Further down, support is located at the 1.0450 level where a break if seen paving the way for a run at the 1.0400 level. On the upside, resistance is seen at the 1.0700 level followed by the 1.0750 level. Further out, resistance comes in at the 1.0813 level where a reversal of roles is expected to occur and turn it lower. But if further recovery is triggered resistance comes in at the 1.0850 level followed by the 1.0900 level. All in all, USDCAD continues to maintain its medium term downside risk despite its current recovery.
