USDCAD: A re-take of the 1.0244 level is now underway following a sell off the past week. Below the mentioned level will open the door for more downside towards the 1.0200 level.
A turn below here will shift risk to the downside towards the 1.0136 level and then the 1.0100 level.
On the upside, resistance resides at the 1.0444 level followed by the 1.0500 level and then the 0.608 level.
This if seen will call for a run at the 1.0650 level. All in all, USDCAD continues to face its downside pressure bias.
Guest post by FX Tech Strategy