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
WHAT CHANGES THIS?
· 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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2 Hour USDCAD Chart