USDCAD: USDCAD sold off strongly on Wednesday leaving risk of further decline on the cards. With that said, we look for more weakness to occur in the days ahead. On the downside, support lies at the 1.3250 level followed by the 1.3200 level. Further down, support resides at the 1.3150 level and then the 1.3100 level.
Its daily RSI is bearish and pointing lower suggesting further weakness. Resistance resides at the 1.3350 level where a break will target the 1.3400 level. Further out, resistance comes in at the 1.3450 level where a turn lower may occur. But if further recovery is triggered resistance comes in at the 1.3500 level. All in all, USDCAD remains biased to the downside short term on corrective weakness.
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