USDCAD: Having capped its strength at 1.2442 level to turn lower during Tuesday trading session, further downside pressure is envisaged. On the downside, support lies at the 1.2400 level followed by the 1.2350 level. Further out, support resides at the 1.2300 level and then the 1.2250 level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, resistance is seen at the 1.2500 level followed by the 1.2550 level. Further out, resistance comes in at the 1.2600 level where a turn lower may occur. But if further recovery is triggered resistance comes in at the 1.2650 level. All in all, USDCAD faces further downside pressure.
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