USDCAD: Bearish, Risk Points Lower On Further Weakness.
USDCAD: Our outlook on USDCAD remains lower with eyes on further weakness following its continued bearishness. Support lies at the 1.0967 level, its Feb 2014 low where a break will aim at the 1.0900 level, its psycho level. Below here will turn attention to the 1.0850 level. Its daily RSI is bearish and pointing lower supporting this view. Conversely, the pair will have retake the 1.1089 level to reverse its present downside pressure and bring further gains towards the 1.1121 level, its Feb 06 2014 high. A violation will aim at the 1.1223 level, its Jan 31 2014 high with a turn above here if seen setting off additional strength towards the 1.1300 level. All in all, USDCAD continues to face further downside threats.
Article by www.fxtechstrategy.com