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USD/CAD: Follows Through Lower On Weakness

USD/CAD: With price extension now seen following its past week decline, further downside pressure is likely in the days.

The only respite to this will be a return and hold above the 1.0418 level. Support lies at the 1.0350 level where a violation will aim at 1.0300 level. Bulls may come in here and push USD/CAD higher but if that fails to occur expect the pair to weaken further towards the 1.0250 level and then the 1.0181 level. Its daily RSI is bearish and pointing lower supporting this view.

On the other hand, resistance resides at the 1.0450 level where a breach will target the 1.0500 level. This level if taken out will call for a run at the 1.0550 level followed by the 1.0600 level. All in all, USD/CAD continues to face its downside threats.

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FX Tech Strategy

FX Tech Strategy

FX Tech Strategy provides simple forex research for Intra-day, swing and position traders. For over 6 years, FXTechstrategy has been committed to providing forex traders including intra-day, swing and position traders exceptional forex research with technical analysis expertise that makes trading decisions easy and painless. FXTchstrategy won Best Technical Analysis (forex best awards) by fxstreet in 2011 and was finalists, Star Awards by traderplanet in 2011 & 2012.