USDCAD: Continues To Consolidate With Upside Bias

USDCAD: With an attempt on the downside losing steam and the pair closing marginally lower on Thursday, we could see further upside risk. This is consistent with its broader upside bias now on hold. The risk is for it to return to the 1.0294 level where a violation will aim at the 1.0341 level. A break of here if seen will target the 1.0400 level with cut through here targeting the 1.0450 level and then the 1.0500 level. On the downside, support lies at the 1.0.180 level where a breach will turn focus to the 1.0100 level. A breather may occur here and turn it higher but if taken out, expect further downside towards the 1.0050 level and then the 1.0000 level. All in all, USDCAD remains biased to the upside in the medium term though consolidating.