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USDCAD: Loses Upside Momentum, Declines

USDCAD: Having capped its recovery at the 1.2381 level to close on a reject candle on Tuesday, a move back to the downside could be building up. That move has already been triggered. On the upside, resistance is seen at the 1.2400 level followed by the 1.2450 level. Further out, resistance comes in at the 1.2500 level where a turn lower may occur. But if further recovery is triggered resistance comes in at the 1.2550 level. On the downside, support lies at the 1.2250 level followed by the 1.2200 level. Further down, support resides at the 1.2150 level and then the 1.2100 level. All in all, USDCAD remains biased to the downside on correction.

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