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USD/CAD: We continue to retain our upside bias on USD/CAD. The risk points higher towards the 1.0497/1.0502 levels.

Further out, resistance resides at the 1.0550 level with a decisive violation of here turning attention to the 1.0600 level followed by the 1.0650 level.

Further out, resistance resides at the 1.0700 level. Its daily RSI is bullish and pointing higher supporting this view. Support lies at the 1.0400 level with a violation targeting the 1.0350 level.

A cut through here will aim at the 1.0300 level and then the 1.0244 level. All in all, USD/CAD now faces further upside threats.

Guest post by  FX Tech Strategy