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$USDCAD Poised, Set to Break 10 Year High, 1.3064

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$USDCAD Poised, Set to Break 10 Year High, 1.3064

A setback Tuesday after the Monday better push above the psychological/ option target at 1.3000 that reinforced the Wednesday surge through the 2015 high at 1.2835.

This leaves bias for a midweek consolidation, but risk higher for July, to aim for a key target above.

For Today: We see a neutral tone between 1.2885 and 1.3024 (with a positive bias)

Break above 1.3024 aims for 1.3064, which we would look to try to cap.

Break below 1.2885 aims for 1.2805, which we would look to try to hold.

Short/ Intermediate-term Outlook - Upside Risks:

We see a more positive tone with the bullish threat to 1.3064.

Above here targets longer term levels at 1.3346 and 1.3454.

What Changes This? Below 1.2213/09 eases bull risks; through 1.2123 signals a neutral tone, only shifting negative below 1.1915.

Momentum: The 8-day RSI, short-term momentum is rising and has scope to go still higher this week. 

A taster of the report above. To view the full USDCAD report with screencasts, levels and more, click here 
Remember, for a FREE trial of our FX and all other reports, sign up by clicking here

Monthly USDCAD Chart


2 Hour USDCAD Chart




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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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