A resilient tone through Tuesday with a base forming, with the Friday plunge lower holding above key supports from March at 1.2407/06 and stronger foundations below from February in the 1.2385/61/52 chart support area.
We see a rebound bias this week, into the broader range into early April, to maintain bigger picture upside pressures from the new cycle high posted in mid-March.
We see an upside bias for 1.2565/76; break here aims for maybe 1.2650/56, which we would look to try to cap.
But below 1.2451 aims through 1.2430 for 1.2407/06, which we would look to try to hold.
A taster of the report above. To view the full USDCAD report with screencasts, levels and more, click here
Remember, for a FREE trial of our FX and all other reports, sign up by clicking here
4 Hour USDCAD Chart