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USDCAD: Risk Points To The Downside

USDCAD: With the pair closing lower on a rejection candle the past week, risk of further downside press sure is expected. On the upside, resistance is seen at the 1.2500 level followed by the 1.2550 level. Further out, resistance comes in at the 1.2600 level where a turn lower may occur. But if further recovery is triggered resistance comes in at the 1.2644 level. Conversely, on the downside, support lies at the 1.2350 level followed by the 1.2300 level. Further down, support resides at the 1.2250 level and then the 1.2200 level. All in all, USDCAD remains biased to the downside on corrective pullback

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