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Loonie Continues to Weaken: $USDCAD targets 1.0960, 1.1005 and 1.1055

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Loonie Continues to Weaken: $USDCAD targets 1.0960, 1.1005 and 1.1055

USDCAD bullish tone

·         A rally and stall Thursday, but as we stated in our last report to our clients “corrective setbacks should look to hold above 1.0845, with a better support at 1.0795”.

·         Whilst above even the higher level, we see early August bullish pressures intact from the push straight through 1.0890 that saw a bullish shift.

·         We still aim higher and see upside risk to chart targets at 1.0960, 1.1005 and 1.1055.


·         Below 1.0845 eases bull risks; through 1.0795 signals a neutral tone, only shifting negative below 1.0700.

Download our full report with latest screencast & levels here:


4 Hour USDCAD Chart



Daily USDCAD Chart


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Tagged in: FX Loonie NFP USD USDCAD

Steve Miley is The Market Chartist and has over two decades of financial market experience with him. He spent 2009-2012 as a Director of the FX Technical Analysis Research Strategy team at Credit Suisse and was previously at Merrill Lynch for 15 years; 10 years as a technical analyst, 5 years in Fixed Income sales.

He was 2013 winner of the Technical Analyst Magazine Award for Best Independent Fixed Income Research & Strategy, Runner Up for the same award in 2014 and was the winner of Best FX Research & Strategy 2012 (at Credit Suisse).

Steve is a Member of the Society of Technical Analysts (MSTA) and holds a Masters Degree in Politics, Philosophy & Economics from Lincoln College, Oxford University.

Steve has covered all major asset classes including Rates & Credit, G10 & EM currencies, Equity Indices & Sectors and Commodities and has strong relationships across the institutional financial trading spectrum, including Central Banks, Real Money accounts, Hedge Funds and other Global Corporates.



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Holiday and cessation of service: 7th-23rd August 2017

Hi Market Chartist Users and Trialists, The Market Chartist reports will be paused for just over 2 weeks, whilst we take a vacation.

The last report will be on Friday 4th August, with service resuming on Thursday 24th August.We wish you successful trading in our absence