USDCAD: Builds On Recovery Strength

USDCAD: With the pair following through higher during Tuesday trading session, it looks to build on that strength in the days ahead. On the upside, resistance stands at the 1.0900 level where a break will expose the 1.0950 level followed by the 1.1000 level and then the 1.1069 level.

A cut through here will turn focus to the 1.1100 level and then the 1.1150 level. Its daily RSI is bullish and pointing higher supporting this view. Conversely, on the downside, support lies at the 1.0830 level where a break will aim at the 1.0750 level and then the 1.0700 level.

Further down, support is located at the 1.0650 level where a break if seen will pave the way for a run at the 1.0600 level. All in all, USDCAD faces further recovery risk.



Guest post by FX Tech Strategy

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.