USDCAD: Having followed through higher on the back of its Friday gains, further bullishness is envisaged. In such a case, USDCAD will aim at the 1.3350 level where a break will target the 1.3400 level. Further out, resistance comes in at the 1.3450 level where a turn lower may occur.
But if further recovery is triggered resistance comes in at the 1.3500 level. Its daily RSI is bullish and pointing higher suggesting further strength. On the downside, support lies at the 1.3200 level followed by the 1.3150 level. Further down, support resides at the 1.3100 level and then the 1.3050 level. All in all, USDCAD remains biased to the upside medium term.
The pair has alternated between weekly gains and losses over the past two months. With uncertainty continuing over the Fed rate hike continuing, we could see the pair in a holding pattern.
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