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USDCAD: Remains Bullish But With Caution

USDCAD: The pair remains on the offensive leaving risk of more strength on the cards. However, with a back to back rejection candles printed on the daily chart the past week, we could see a pull back in the new week. On the upside, resistance is seen at the 1.2537 level followed by the 1.2600 level. Further out, resistance comes in at the 1.2644 level where a turn lower may occur. But if further recovery is triggered resistance comes in at the 1.2700 level. Its weekly RSI is bullish and pointing higher supporting this view. 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 biased to the upside on correction

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