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USDCAD Negative Range Tone for 1.0857/45 Props; Risk to 1.0795

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USDCAD Negative Range Tone for 1.0857/45 Props; Risk to 1.0795

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.

 

Please see full report with levels and latest screencast here: http://members.marketchartist.com/Daily/USDCAD.pdf

4 Hour USDCAD Chart

b2ap3_thumbnail_USDCAD1.png

 

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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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