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USDCAD Downside Rejection Leaves Upside into NFP for 1.1280 Secular High

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USDCAD Downside Rejection Leaves Upside into NFP for 1.1280 Secular High

USDCAD bull trend extension risk

·         Erratic price action over the past 48 hours with a rebound Thursday after a notable setback Wednesday and we restate that “whilst minimally above 1.1053 and better support at 1.0984, we see upside pressures intact”.

·         The break below 1.1088 and then to rebound back through modest resistance eat 1.1150/55 leaves a positive bias into today’s US NFP data release.

·         The risk for early October is still higher though, back through 1.1225 to challenge the secular high at 1.1280.

·         Above aims for 1.1345 and 1.1395.


·         Below 1.1053 eases bull risks; through 1.0984 signals a neutral tone, only shifting negative below 1.0887.

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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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