USDCAD: Broadly Biased To The Downside Below Trendline.
USDCAD: With the pair remaining vulnerable and maintaining its broader downside bias started from the 1.0055 level, further decline is envisaged. This will leave the pair targeting further downside towards the 0.9822 level where a breach will aim at the 0.9692/31 levels. A break of this zone will call for more weakness towards the 0.9500 level. Its daily and weekly RSI is bullish and pointing to the downside supporting this view. On the upside, USDCAD will have to break and hold above the 0.9956/70 levels to reverse its present bear threats. This if seen will call for a run at the 1.0055 level and then the 1.0081 level. Further out, resistance lies at the 1.0250 level. All in all, USDCAD remains biased to the downside below its trendline resistance.
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