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USDCAD Bear Bias through 1.1184 for 1.1159, Maybe 1.1115 into Month-End

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USDCAD Bear Bias through 1.1184 for 1.1159, Maybe 1.1115 into Month-End

USDCAD negative tone and support threats

·         A defensive bias after extremely erratic price activity through midweek, but still capped by 1.1296/98 resistance to again push through 1.1215/09 support to reinforce the negative bias within a range environment..

·         This still see a range theme into late October, between 1.1298 and 1.1115, neckline support.

·         For Friday, we see a cap at 1.1296/98 and a negative bias in the range, lower for chart supports at 1.1185/84 and maybe below to 1.1159.

·         The skewed risk for late October is to test 1.1115


·         Downside: Below 1.1115 sees risk lower for 1.1080/70 and 1.1053.

·         Upside: Above 1.1298 aims higher for 1.1362/86 and 1.1435.

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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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