USDCAD: With USDCAD continuing to hold above the 1.0000/1 levels, we look for it to trigger a recovery higher following its recent weakness. Support comes in at the 1.1000/1 levels where bulls may come in and push it higher but if violated further weakness could occur towards the 1.0950 level. Further down, support is located at the 1.0909 level. On the other, we expect a recovery higher to occur following its ability to hold above the 1.0000/1 levels. If this occurs expect the pair to strengthen further towards the 1.1100 level where a break will aim at the 1.1168 level and then the 1.1200 level. Further out, resistance resides at the 1.1277 level where a break will resume its broader uptrend. This if seen will pave the way for a run at the 1.1300 level. All in all, USDCAD faces further downside pressure but correction may occur.
Article by www.fxtechstrategy.com
