USD/CAD: With USD/CAD rallying on Tuesday to break the 1.0736 level and resuming its broader upside on Monday, further bullishness is likely. Price extension is now underway with USD/CAD targeting the 1.0850 level.
A cut through here will aim at the 1.0900 level with a turn above here paving the way for a run at the 1.0950 level and possibly higher towards the 1.1000 level. Its daily RSI is bullish and pointing higher suggesting further upside.
On the other hand, support comes at the 1.0736 level, representing its Dec 20 2013 high.
Further down, downside object resides at the 1.0651 level, its Jan 06’2014 low where a violation will aim at the 1.0600 level and then the 1.0550 level. A reversal of roles is likely to occur here and turn USD/CAD higher.
All in all, USD/CAD continues to face further upside threats on bullishness.
Guest post by FX Tech Strategy
