USDCAD: Bearish, Sets Up To Resume Weakness

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

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.

View all posts by FX Tech Strategy