The USDCAD decline has extended to test and hold a plethora of retracement supports in the 1.0243/39 zone, and we look for evidence of a better base. Above 1.0373/95 is needed to add weight to a reversal scenario, and indeed, a close above 1.0373 this Friday would see a bullish “reversal week”. If achieved, we would expect this to then provide the platform for a move to 1.0475 initially, then back to 1.0616, and higher in due course.
