The USDCAD maintained some bearish momentum yesterday, topped at the 1.1090 levels and bottomed at the 1.1002 levels. Now the pressure will be on the key support 1.1002 !!!
The USDCAD will have to hold below the 1.1002 levels on a daily closing basis to push the market for further downside losses, If seen It will target the 1.0952 levels where a breach will turn the focus on the 1.0858 levels, further out will aim the 1.0780 levels.
Alternatively, a failure to hold below the 1.1002 levels could mean a return to the 1.1090 levels , break of 1.1090 will suggest that fall from 1.1224 levels is over , If seen, the pair will recapture the 1.1224 levels, a halt could be seen but a breach will extend gains towards the 1.1285 ahead of 1.1360 levels.
In all, the USDCAD will remain neutral with risk to the downside in short-term outlook as long as resistance 1.1090 holds on a daily closing basis, break of 1.1090 will resume the long-term bullish trend.