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USDCAD Loses Upside Momentum, Eyes Bear Pressure

USDCAD: With USDCAD seen taking back its intra day gains during Monday trading session, risk of more weakness is now envisaged. Resistance resides at the 1.3212 level where a break will target the 1.3250 level. Further out, resistance comes in at the 1.3300 level where a turn lower may occur. But if further recovery is triggered resistance comes in at the 1.3350 level. Its daily RSI is bearish and pointing lower suggesting further weakness. On the downside, support lies at the 1.3150 level followed by the 1.3000 level. Further down, support resides at the 1.2950 level and then the 1.2900 level. All in all, USDCAD remains biased to the downside below its key support at 1.3352 level.

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