USDCAD: With the pair ending its one–day weakness and strengthening for two days in a role, further bullish offensive is envisaged. However, it will have to break and hold above the 1.1172 level, its Jan 23’2014 high to trigger that trend. A turn above here will activate additional strength towards the 1.1200 level where a breach if seen will set off further gain towards the 1.1250 level. Further out, resistance comes in at the 1.1300 level followed by the 1.1350 level and subsequently the 1.1400 level. Its daily RSI is bullish and pointing higher suggesting further strength. On the other hand, support comes in at the 1.1116 level where a violation will aim at the 1.1050 level. Further down, support lies at the 1.1000 level and followed by the 1.0950 level and then the 1.0900 level, its psycho level. All in all, USDCAD continues to face further upside threats in the long term.
Article by fxtechstrategy.com
