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USDCAD bearish risk through 1.0813 for 1.0735/30

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USDCAD bearish risk through 1.0813 for 1.0735/30

USDCAD threat of re-energizing downside pressures

·         A bullish failure back from a prod above minor resistance at 1.0885 to maintain negative pressures from the previous break below this level as support.

·         This better push through the already probed 1.0840/35 support area this morning now sees risk to the lower end of our broader range, defined by 1.0813 and 1.1055 later this.

·         The mounting threat this is for a re-energizing of bearish pressures through 1.0813 (see below).

WHAT CHANGES THIS?

·         Downside: Below 1.0813 point to more significant bearish pressures to aim for the 1.0735/30 chart/ retrace area.

·         Upside: Above 1.1055 is needed for a bull shift to target 1.1080 and 1.1170/75.

 

Please see full report with levels and latest screencast here: http://members.marketchartist.com/Daily/USDCAD.pdf

 

 

4 Hour USDCAD Chart

b2ap3_thumbnail_USDCAD1_20140619-065905_1.png

Daily USDCAD Chart

b2ap3_thumbnail_USDCAD2_20140619-065924_1.png

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Tagged in: FOMC Forex FX 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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