USDCAD skewed risk lower, through 1.0885 for 1.0840
· An erratic range tone Tuesday, capped last week by chart/ retrace barrier at 1.0960 but holding minor support sat 1.0885 to maintain a very neutral tone.
· The prior push above 1.0945 produced a shift to a non-trend theme, with the broader range defined by 1.0813 below and 1.1055 above.
· Below 1.0885 would see a more defensive range bias; only above 1.0960 sets a more constructive theme.
· We see midweek risk lower, through 1.0885.
WHAT CHANGES THIS?
· Upside: Above 1.1055 is needed for a bull shift to target 1.1080 and 1.1170/75.
· Downside: Below 1.0813 point to more significant bearish pressures to aim for the 1.0735/30 chart/ retrace area.
Please see full report with levels and latest screencast here: http://members.marketchartist.com/Daily/USDCAD.pdf
4 Hour USDCAD Chart
Daily USDCAD Chart