USDCAD: Having capped its strength at the 1.2537 level to close lower on a rejection candle on Thursday, further corrective weakness is envisaged. This development now leaves the risk of a move lower on the cards. On the upside, resistance is seen at the 1.2537 level followed by the 1.2600 level. Further out, resistance comes in at the 1.2650 level where a turn lower may occur. But if further recovery is triggered resistance comes in at the 1.2700 level. On the downside, support lies at the 1.2400 level followed by the 1.2350 level. Further down, support resides at the 1.2300 level and then the 1.2250 level. All in all, USDCAD remains vulnerable to the downside having weakened on Thursday.
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