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USDCAD Threat of a More Bearish Shift through Neckline, now 1.1125

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USDCAD Threat of a More Bearish Shift through Neckline, now 1.1125

USDCAD defensive range tone, but risk of a bear swing

·         We have retained a negative outlook into this week and stated in our last report that “for Tuesday, we again see a cap at 1.1296/98, likely 1.1265/70 and a negative bias for chart supports at 1.1185/84 and maybe to 1.1159”.

·         The break below 1.1185/84 leaves risk through 1.1159 through midweek within the late October range theme between 1.1298 and 1.1125, neckline support.

·         The growing threat for late October is to test the neckline and for a more bearish shift.

WHAT CHANGES THIS?

·         Downside: Below 1.1125 sees risk lower for 1.1080/70 and 1.1053.

·         Upside: Above 1.1298 aims higher for 1.1362/86 and 1.1435.

Download our full report with latest screencast & levels here: http://members.marketchartist.com/Daily/USDCAD.pdf

2 Hour USDCAD Chart

b2ap3_thumbnail_USDCAD1_20141029-064952_1.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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