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USDCAD: The pair weakened further on Thursday leaving further pressure on the cards. Support lies at the 1.1000 level.

We expect this big psycho level to hold and turn it higher but if breaks, further declining could occur towards the 1.0950 level and then the 1.0900 level.

Bulls may come here and turn the pair back up. Its daily RSI is bearish and pointing lower supporting this view.

Conversely, resistance resides the 1.1100 level where a break will aim at the 1.1150 level and then the 1.1200 level. Further out, resistance resides at the 1.1277 level. All in all, USDCAD faces further bearish risk.

usdcad

 

Guest post by FX Tech Strategy