USDCAD re-energized bear pressures
- We stressed in our client reports from mid-June that “the mounting threat is for a re-energizing of bearish pressures through 1.0813”
- The plunge below 1.0813 on Friday, after a bullish failure back from a prod at 1.0885 points to more significant bearish pressures has already hit our next flagged target this morning at the 1.0735/30 chart/ retrace area.
- The threat now this week and into latter June is down to the key long term trend line from 2012, at 1.0615 and retrace/ chart area at 1.0600/ 1.0560.
WHAT CHANGES THIS?
- Above 1.0845 eases bear risks; through 1.0890 signals a neutral tone, only shifting positive above 1.0960.
Daily USDCAD Chart