USD/CAD: Rallies, Eyes Key Resistance.
USD/CAD: With USD/CAD rallying strongly on Wednesday, further price extension is likely in the days ahead. Resistance resides at the 1.0418 level.
Further down, support is seen at the 1.0244 level followed by the 1.0200 level and then the 1.0150 level. Its daily RSI is bearish and pointing lower supporting this view.
On the upside, resistance resides at the 1.0350 level followed the 1.0418 level. A violation of here will turn attention to the 1.0450 level followed by the 1.0500 level.
Further out, resistance resides at the 1.0550 level with a cut through here setting the stage for a move towards the 1.0600 level. All in all, USD/CAD now faces further bull threats.
Guest post by FX Tech Strategy
