USDCAD: With the pair selling off strongly during Tuesday trading session, further weakness is now envisaged in the days ahead.
Support lies at the 1.0857 level with a break if seen targeting the 1.0800 level followed by the 1.0750 level.
Below here will create scope for further downside towards the 1.0700 level where a breach will push it lower towards the 1.0650 level and then the 1.0600 level.
Its daily RSI is bearish and pointing lower supporting this view. Conversely, resistance resides at the 1.0935 level where a reversal of roles as support is likely to occur and turn it lower.
However, if broken further strength should build up towards the 1.1000 level. A violation will open the door for more upside towards the 1.1069 level and subsequently the 1.1100 level.. All in all, USDCAD faces further downside pressure.
Guest post by FX Tech Strategy
