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USDCAD Bull Theme Re-Energizing

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USDCAD Bull Theme Re-Energizing

A minor dip lower Tuesday, but a rebound from ahead of minor support at 1.1700/1.1690, which we had looked to try to hold.

Moreover, support held through the Holiday season at 1.1565/60 for a platform to surge above the 61.8% retrace of the entire 2009-11 sell off at 1.1655, a key weekly failure peak from 2009 at 1.1727 and a minor weekly target from 2010 at 1.1817.

This all leaves risk for another bullish extension for early January.

Short-term Outlook - Upside Risks

  • Above the recent high at 1.1844 targets a notable impulse low at 1.1981 and the psychological/ option target at 1.2000.
  • Overshoot risk for January is to the 78.6% retrace of the entire 2009-11 sell off at 1.2280!

Momentum: The 8-day RSI, short-term momentum is OB, but we still see scope to go higher this week. Momentum is confirming the new high.

What Changes This? Below 1.1600 eases bull risks; through 1.1560 signals a neutral tone, quickly shifting negative below 1.1394.  

For Today:

  • We see an upside bias for 1.1844; break here aims for 1.1885.
  • But below 1.1753 opens risk down through 1.1730 to 1.1700/1.1690, which we look to try to hold.





To view the full USDCAD report with screencasts, click here


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Tagged in: Forex FX Loonie 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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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