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USDCAD: Bullish, Looks To Recapture Key Resistance

USDCAD: With the pair reversing its Monday losses on Tuesday to lose strongly higher, it now faces further move higher towards its key resistance at 1.3212 level. We may see price hesitation at that level but if taken our expect more strength to build towards the 1.3200 level followed by the 1.3250 level. Further out, resistance comes in at the 1.3300 level where a turn lower may occur. But if further additional strength is triggered resistance comes in at the 1.3350 level. Its daily RSI is bullish and pointing higher supporting this view. On the downside, support lies at the 1.3100 level followed by the 1.3050 level. Further down, support resides at the 1.3000 level and then the 1.2950 level. All in all, USDCAD remains biased to the upside in the medium term.

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