USDCAD: Having continued to look vulnerable, further decline is likely. On the downside, support lies at the 1.1200 level followed by the 1.1121 level where a reversal of roles as support is envisaged.
Further out, resistance resides at the 1.1050 level and then the 1.1000 level. On the upside, resistance is seen at the 1.1300 level followed by the 1.1384 level. Further out, resistance comes in at the 1.1450 level where a turn lower may occur.
But if further recovery is triggered resistance comes in at the 1.1500 level. All in all, USDCAD continues to face corrective pullback threats.
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