USDCAD: Boarder Bias Points Lower, Trend Resumption Risk Seen
USDCAD: Having continued to hold on to its broader bearishness, the risk is for further declines to occur. This should see the pair target the 0.9802/0.9798 levels where a break will resume its broader medium term downtrend towards the 0.9724 level. Further down, support lies at the 0.9600 level. Its Daily RSI is bearish and pointing lower supporting this view. On the upside, recovery if triggered will aim at the 1.0018 level where a break will target the 1.0064/83 levels. This if seen should push the pair further higher towards the 1.0105 level and then the 1.0165 level. But the pair must return above the 1.0230/48 levels to annul its broader short term weakness. All in all, the pair remains biased to the downside in the medium term.