USDCAD: Rallies, Targets The 1.0379 Level
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USDCAD: With the pair turning strongly higher above the 1.0250/61 level on Wednesday and following through in early morning trading today, further upside is likely in the days ahead. This development has paved the way for a move higher towards the 1.0379 level. A breach of here will aim at the 1.0420 level with a cut through here resuming its broader medium term uptrend towards the 1.0500 level. Its daily RSI is bullish and pointing higher suggesting further upside. Conversely, a failure of its present correction will call for a move lower towards the 1.0250/61 levels. Further down, support comes in at the 1.0136 level. Followed by the 1.0100 level with a turn below here shifting attention to the 1.0050 level. All in all, USDCAD remains biased to upside on further correction.