Forex Analysis : USD/CAD
We gave 0.9710 as the main theoretical support last week, but risk is still high given there is no support left at all.
• Could it go lower? Yes indeed we say, with anything less than a much needed relief bounce for the US Dollar likely to result in a move to nearer 0.9400 for the CAD over coming weeks.
• A rebound will face immediate resistance just 0.9730-0.9740, but if this range is successfully cleared, it should rally to 0.9770 or so.
• We are not ruling out a move to the much more significant resistance nearer 0.9820-0.9830, but at such prices we’ll be looking to short.