USDCAD: With USDCAD maintaining its upside tone and holding firmly above the 0.9885 level, further price extension cannot be ruled. This leaves the possibility of a return to the 1.0000/83 levels on the cards. Its weekly RSI is bullish and pointing higher suggesting further upside. On the downside, support comes in at the 0.9885 level where a reversal of roles as support is likely to occur and turn the pair higher. However, if this fails, further declines should build up towards the 0.9692/31 levels. A breach of here will call for more declines towards the 0.9500 level. All in all, USDCAD remains biased to the upside above the 0.9883 level.
