USDCAD: With USDCAD rallying sharply higher the past week, it now looks to extend that gain in the new week.
On the upside, if further recovery is triggered resistance comes in at the 1.0988 level where a breach will aim at the 1.0000 level followed by the 1.1069 level and then the 1.1100 level. A cut through here will turn focus to the 1.1150 level.
Support lies at However, recovery risk cannot be ruled out. On the downside, support lies at the 1.0900 level where a break will aim at the 1.0850 level and then the 1.0800 level.
Further down, support is located at the 1.0750 level where a break if seen paving the way for a run at the 1.0700 level. All in all, USDCAD continues to face further downside risk.
Guest post by FX Tech Strategy
