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USDCAD Bearish Threat to Key Long Term Trend Target at 1.0615

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USDCAD Bearish Threat to Key Long Term Trend Target at 1.0615

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.


  • Above 1.0845 eases bear risks; through 1.0890 signals a neutral tone, only shifting positive above 1.0960.

Daily USDCAD Chart


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Tagged in: Forex FX 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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Holiday and cessation of service: 7th-23rd August 2017

Hi Market Chartist Users and Trialists, The Market Chartist reports will be paused for just over 2 weeks, whilst we take a vacation.

The last report will be on Friday 4th August, with service resuming on Thursday 24th August.We wish you successful trading in our absence