The USDCAD reversed its gains on Wednesday, as the US dollar continued to waver without any directional bias.
The USDCAD fell 0.4 percent to 1.2227 in the New York session, bouncing from a daily low of 1.2211. The USDCAD peaked at 1.2299 on Tuesday but has since reversed all of its gains. The trend is neutral, with the pair testing the initial support of 1.2226. A daily close below that level would lead back to 1.2171. On the upside, initial resistance is likely found at 1.2321. A break above that level could lead to 1.2457 – a key trend line.
No actionable setup is found at this point, but that could change in the coming days as the Greece debt crisis continues to rage on, providing bigger demand for the US dollar.