USDCAD Rejects Higher Prices, Prints Negative Candle

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FXTechstrategyTeam
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FXTechstrategyTeam  

USDCAD: With USDCAD turning off its intra day high at 1.3416 level to close lower on Thursday, further downside pressure is likely. While the 1.3416 level caps, our view on the pair remains lower. Resistance resides at the 1.3400 level where a break will target the 1.3450 level. Further out, resistance comes in at the 1.3500 level where a turn lower may occur. But if further recovery is triggered resistance comes in at the 1.3550 level. On the downside, support lies at the 1.3300 level followed by the 1.3250 level. Further down, support resides at the 1.3200 level and then the 1.3150 level. All in all, USDCAD remains biased to the upside medium term but could face downside pressure after price failure.

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