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USDCAD: Despite its Friday strength, its correction triggered off the 1.2798 level has not ended. On the downside, support lies at the 1.2400 level followed by the 1.2350 level.

Further out, support resides at the 1.2300 level and then the 1.2250 level. On the upside, resistance is seen at the 1.2500 level followed by the 1.2550 level. Further out, resistance comes in at the 1.2600 level where a turn lower may occur.

But if further recovery is triggered resistance comes in at the 1.2650 level. All in all, USDCAD continues to face bullish offensive medium term though correcting


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