USDCAD: With USDCAD closing on a rejection candle a move higher could be developing. On the upside, resistance is seen at the 1.2300 level followed by the 1.2350 level.
Further out, resistance comes in at the 1.2400 level where a turn lower may occur. But if further recovery is triggered resistance comes in at the 1.2450 level. On the downside, support lies at the 1.2200 level followed by the 1.2150 level. Further down, support resides at the 1.2100 level and then the 1.2100 level. All in all, USDCAD remains biased to the downside on correction.
