USDCAD: USDCAD remains on the offensive on the back of its long-tailed candle print triggering corrective recovery on Monday. This price action development leaves risk higher in the days ahead. On the upside, resistance resides at the 1.3100 level where a break will target the 1.3100 level. Further out, resistance comes in at the 1.3150 level where price hesitation may occur.
But if further recovery is seen, the pair could strengthen further towards the 1.3200 level. Its daily RSI is bullish and pointing higher suggesting further strength. On the downside, support lies at the 1.3000 level followed by the 1.2950 level. Further down, support stands at the 1.2850 level and then the 1.2800 level. All in all, USDCAD looks to strengthen further nearer term.
