USDCAD: Although hesitating following its Thursday weakness, it continues to look weak and vulnerable in the short term. Further down, support lies at the 1.0950 level, its psycho level. A cut through here will aim at the 1.0909 level, marking its Feb 19 2014 low. Its daily RSI is bearish and pointing lower supporting this view. On the upside, resistance resides at the 1.1061 level where a reversal of roles is likely but if taken out, resistance resides at the 1.1159 level and then the 1.1192 level. This if seen will aim at the 1.1222 level. Further out, resistance resides at the 1.1300 level. All in all, USDCAD continues to face further bullishness.
Article by www.fxtechstrategy.com