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
Daily USDCAD Chart