USD/CAD: Having resumed its broader upside, there is risk of continued strength in the days ahead. Resistance resides at the 1.0550 level with a break paving the way for a run at the 1.0650 level. If USD/CAD pushes through here, the 1.0700 level will be aimed at. Its daily RSI is bullish and pointing higher supporting this view.
Conversely, support lies at the 1.0525 level where a reversal of roles is likely. Further down, support comes at the 1.0400 level with a violation targeting the 1.0350 level. A break through here will aim at the 1.0300 level and then the 1.0244 level. All in all, USD/CAD now faces further upside threats.
Guest post by FX Tech Strategy
