USDCAD: The pair remains weak and vulnerable to the downside more weakness envisaged. On the upside, resistance is seen at the 1.2600 level followed by the 1.2650 level. Further out, resistance comes in at the 1.2700 level where a turn lower may occur.
But if further recovery is triggered resistance comes in at the 1.2750 level. Its daily RSI is bearish and pointing lower supporting this view. On the downside, support lies at the 1.2500 level followed by the 1.2450 level.
Further down, support resides at the 1.2400 level and then the 1.2350 level. All in all, USDCAD remains biased to the upside medium term.
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