USDCAD: With the pair weakening strongly on correction on Monday, it face further downside pressure. Despite price hesitation corrective bias remains.
On the downside, support lies at the 1.1100 level followed by the 1.1050 level where a reversal of roles as support is envisaged. Further out, resistance resides at the 1.1000 level and then the 1.0950 level.
On the upside, resistance is seen at the 1.1200 level followed by the 1.1250 level. Further out, resistance comes in at the 1.1300 level where a turn lower may occur. But if further recovery is triggered resistance comes in at the 1.1350 level All in all, USDCAD continues to face further upside risk.
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