USDCAD: Despite attempts on the upside, consolidation continues to dominate. This development leaves it targeting lower on ending the mentioned consolidation towards the 1.0287 level. Further down, support comes in at the 1.0244 level followed by the 1.0200 level and then the 1.0150 level. A breach of here will pave the way for a run at the 1.0100 level. Conversely, resistance resides at the 1.0334 level where a break will aim at the 1.0417 level. Further out, resistance resides at the 1.0474 level with a cut through here setting the stage for a move towards the 1.5320 level. This if seen will pave the way for a run at the 1.0600 level. All in all, USDCAD now faces further bear threats on correction.
