USDCAD: The pair remains weak and vulnerable to the downside suggesting further decline in the days ahead. Support lies at the 1.0549 level where a violation will aim at the 1.0500 level. A reversal of roles is likely to occur here and turn USDCAD higher but if that fails, further decline could occur towards the 1.0413 level with a break turning attention to the 1.0350 level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, resistance resides at the 1.0644 level followed by the 1.0706 level and then the 1.0750 level. Above here if seen will aim at the 1.0800 level. All in all, USDCAD continues to face further upside threats.
