USDCAD: With price extension seen the past week, USDCAD faces further bullishness in the new week. However, a corrective pullback may develop following its recent upside run.
On the upside, resistance is seen at the 1.2500 level followed by the 1.2550 level. Further out, resistance comes in at the 1.2600 level where a turn lower may occur. But if further recovery is triggered resistance comes in at the 1.2650 level.
Its weekly RSI is bullish and pointing higher supporting this view. On the downside, support lies at the 1.2350 level followed by the 1.2300 level. Further out, support resides at the 1.2250 level and then the 1.2200 level. All in all, USDCAD continues to face bullish offensive medium term.
