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USDCAD: Sets To Extend Weakness
USDCAD: The pair halted its strength to close slightly higher on Tuesday, leaving risk of a move lower on the cards. On the upside, resistance is seen at the 1.2750 level followed by the 1.2800 level. Further out, resistance comes in at the 1.2850 level where a turn lower may occur. But if further recovery is triggered resistance comes in at the 1.2900 level. On the downside, support lies at the 1.2600 level followed by the 1.2550 level. Further down, support resides at the 1.2500 level and then the 1.2450 level. All in all, USDCAD remains biased to the upside medium term.