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USDCAD: Recovering With Caution

USDCAD: Although is seen threatening recovery higher, as long as it trades below the 1.2421 level, we still see risk to the downside. 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. Its daily RSI is pointing higher supporting its current price action. 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 but with caution.

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