USD/CAD: Weakens, Targets The 1.0850 Level


USDCAD: With USDCAD selling off strongly, further downside is likely in the days ahead. On the downside, support lies at the 1.0850 level followed by the 1.0800 level where a break will aim at the 1.0750 level and then the 1.0700 level.

Its daily RSI is bearish and pointing lower supporting this view. On the upside, resistance is seen at the 1.0950 level where a violation will target the 1.1000 level followed by the 1.1050 level.

Further out, resistance comes in at the 1.1100 level where a reversal of roles is expected to occur and turn it lower. But if further recovery is triggered resistance comes in at the 1.1150 level. All in all, USDCAD continues to face further upside risk.


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