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USDCAD: With the pair reversing its Tuesday gains to close lower on Wednesday, risk of a follow through lower is envisaged. Despite its present price hesitation downside threat remains while the pair holds below the 1.3100/49 zone.

Resistance resides at the 1.3050 level followed by the 1.3100 level. Further out, the 1.3150 level comes in as the next resistance with a break turning attention to the 1.3200 level. Above here if seen will expose the 1.3300 level. On the downside, support lies at the 1.2900 level followed by the 1.2850 level.

Further down, support resides at the 1.2800 level and then the 1.2750 level. Its daily RSI is bearish and pointing lower supporting this view. All in all, USDCAD remains biased to the downside on correction



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