USDCAD: With USDCAD extending its Tuesday rally and breaking out of its symmetrical triangle, further bullish offensive is envisaged in the days ahead. The warning is that it must break and hold above the 1.1192 level and the 1.1223 level to prevent a return into that triangle. Further out, resistance is seen at the 1.1300 level and subsequently, the 1.1350 level. Its daily RSI is bullish and pointing higher supporting this view. Conversely, support comes in at the 1.1153 level, its Mar 12 2014 high. Bulls may come here and turn the pair back up but if that fails to occur, further decline could occur towards the 1.1100 level and then the 1.1050 level. Further down, support is located at the 1.1000 level, its previous week low. All in all, USDCAD faces further bullish risk.
Article by www.fxtechstrategy.com