USDCAD: The pair may have closed higher on Thursday but left a lot to be desired after it printed a shooting star candle pattern. This candle pattern is both negative and upside reversal signal suggesting the pair may have ended its correction. This will leave USDCAD targeting the 0.9692 level where a violation will call for more declines towards the 0.9631/00 levels. A break will aim at the 0.9500 level and possibly the 0.9450 level. Alternatively, the pair will have to return above 0.9815 level to resume its correction. Further resistance lies at the 0.9945 level. This if seen could propel it further towards the 1.0000/83 levels. All in all, the pair remains biased to the downside in the medium term though facing recovery risks.
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