USDCAD: Unless we see USDCAD return above the 0.9883/41 levels, the risk of a move back to the 0.9733 level remains. It is currently seen taking back its Wednesday gains, suggesting further decline is likely in the days ahead. This if seen will set the stage for a move lower towards its key support at 0.9631 level. Further down, support comes in at the 0.9500 level and possibly lower towards the 0.9400 level. The alternative scenario will be for the pair to return above the 0.9841/83 levels. This zone must hold to open up further upside risk towards the 0.9945 level. Further out, the 1.0000/83 levels come in as the next upside objective. All in all, USDCAD has halted its upside offensive and looks to decline further.

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Tags: analysis, forex, research, technical

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