USDCAD: Bearish, Pressure Builds On Key Support.

[FXTechstrategy Team]

USDCAD: With the pair bearish and weakening, the broader risk is for it to decline further in the days ahead. This will leave the 0.9922 level as its immediate support where a violation will call for more declines towards the 0.9802 level. Below here will open the door for additional losses towards the 0.9700 level. Its daily RSI is bearish and pointing lower suggesting further weakness. Conversely, USDCAD must break and hold above the 1.0000/64 levels to halt is present weakness and resume its correction. This if seen should push the pair further higher towards the 1.0105 level and then the 1.0165 level. However, the pair will have to return above the 1.0230/48 levels and its declining trendline to annul its broader short term weakness. All in all, the pair remains biased to the downside in the short term