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.
WHAT CHANGES THIS?
· Below 1.1053 eases bull risks; through 1.0984 signals a neutral tone, only shifting negative below 1.0887.
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2 Hour USDCAD Chart
Daily USDCAD Chart