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USD/CAD Plummets On Loss Of Upside Steam

USD/CAD Plummets On Loss Of Upside Steam

USD/CAD: USD/CAD took a nose pe after failing to follow through higher on its Thursday strength. This development leaves risk lower. Resistance resides at the 1.3100 level where a break will target the 1.3150 level. Further out, resistance comes in at the 1.3200 level where a turn lower may occur. But if further recovery is triggered resistance comes in at the 1.3250 level. Its daily RSI is bearish and pointing lower suggesting further weakness. On the downside, support lies at the 1.3100 level followed by the 1.3000 level. Further down, support resides at the 1.2950 level and then the 1.2900 level. All in all, USD/CAD remains biased to the downside in the short term

USD/CAD Daily Chart

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