A Tuesday plunge through support at 1.2506/02 to ease the bullish tone for a neutral bias into midweek.
Although we see consolidation in the very near term, the robust, bullish outside pattern last week from strong foundations from February in the 1.2385/61/52 chart support area, maintains upside risks.
For Today: We see a neutral tone between 1.2444 and 1.2604 (with a positive bias).
Break above 1.2604 targets 1.2667, which we would look to try to cap.
Break below 1.2444 aims for the 1.2385/61/52 chart support area, which we would again look to try to hold.
Short-term Outlook - Upside Risks
Looking for a further bounce higher to the setback range.
Then a push above the new cycle peak at 1.2835.
The April threat is to 1.3000, psychological/option target and even the 2009 cycle high at 1.3063.
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Daily USDCAD Chart