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USDCAD Puts In Temporary Bottom, Key Support Held

USDCAD: USDCAD’s key support located at the 1.3011 level held on Wednesday turning the pair higher on a rejection candle. This development leaves the immediate risk to the upside. On the downside, support lies at the 1.3000 level followed by the 1.2950 level. Further down, support resides at the 1.2900 level and then the 1.2850 level. Its daily RSI is bearish and pointing lower suggesting further weakness. Resistance resides at the 1.3100 level where a break will target the 1.3150 level. Further out, resistance comes in at the 1.3200 level where a turn lower may occur. But if further recovery is triggered resistance comes in at the 1.3250 level. All in all, USDCAD looks to build on its Wednesday’s price reversal.

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