USDCAD negative range theme aims lower; risk of shift to more bearish tone
· The Thursday push below supports at 1.0905/00 was reinforced by the erratic break below 1.0887 for a shift back to a range theme into the 2nd half of August.
· We now see a range theme defined by 1.0795 below and the 1.0985 cycle high above.
· Early this week, we see the bias back lower towards 1.0857, maybe to 1.0845.
WHAT CHANGES THIS?
· Upside: Above 1.0985 aims higher for 1.1000/05 and 1.1055 and 1.1080.
· Downside: Below 1.0795 sees risk lower for 1.0733 and 1.0713/10.
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4 Hour USDCAD Chart