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USDCAD: Downside vulnerability remains intact on correction as USDCAD is selling off and looks to extend further weakness. In such a case, expect the pair to return to the 1.0300 level.

That level is now being pressured. A break will aim at 1.0250 level and then the 1.0200 level. Its daily RSI is bearish suggesting further weakness.

Alternatively, USDCAD will have to break and hold above the 1.0441/70 levels to annul its bear threats. This if seen will aim at the 1.0539 level and ultimately the 1.0608 level. A loss of here will turn focus to the 1.0700 level. All in all, USDCAD still remains under pressure on corrective pullback.

Guest post by FX Tech Strategy