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USDCAD: Sets Up To Weaken On Correction

USDCAD: With USDCAD strengthening further on Tuesday , it faces further upside risk. However, having lost a lot of those gains on Tuesday, we could see a correction lower in the days ahead. It was seen declining as at the time of this analysis. On the upside, resistance is seen at the 1.2800 level followed by the 1.2850 level. Further out, resistance comes in at the 1.2900 level where a turn lower may occur. But if further recovery is triggered resistance comes in at the 1.2950 level. On the downside, support lies at the 1.2650 level followed by the 1.2600 level. Further down, support resides at the 1.2550 level and then the 1.2450 level. All in all, USDCAD remains biased to the upside medium term buy may see a correction.

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