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USDCAD Bull Break Aims above 1.1386 for Fibo Targets at 1.1435 and 1.1495

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USDCAD Bull Break Aims above 1.1386 for Fibo Targets at 1.1435 and 1.1495

USDCAD bull trend resumption

·         A more bullish shift with a break back above the Friday spike high at 1.1333 to switch the focus to the upside.

·         A move close to the October cycle high at 1.1386 leaves risk up through here into midweek.

·         Above 1.1386 aims for a Fibo extension target at 1.1435 and another at 1.1495, just ahead of psychological 1.1500.

·         We see firm support on a dip to 1.1266/62 and a better foundation at 1.1183.

WHAT CHANGES THIS?

·         Below 1.1266/62 eases bull risks; through 1.1183 signals a neutral tone, only shifting negative below 1.1145.

Download our full report with latest screencast & levels here: http://members.marketchartist.com/Daily/USDCAD.pdf

4 Hour USDCAD Chart

 

b2ap3_thumbnail_USDCAD1_20141104-070629_1.png 

Weekly USDCAD Chart

 

b2ap3_thumbnail_USDCAD2_20141104-070633_1.png 

 

 

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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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