Steve Miley, MSTA
MarketChartist
USDCAD bullish tone
A rally and stall Thursday, but as we stated in our last report to our clients “corrective setbacks should look to hold above 1.0845, with a better support at 1.0795”
Whilst above even the higher level, we see early August bullish pressures intact from the push straight through 1.0890 that saw a bullish shift.
We still aim higher and see upside risk to chart targets at 1.0960, 1.1005 and 1.1055.
WHAT CHANGES THIS?
- Below 1.0845 eases bull risks; through 1.0795 signals a neutral tone, only shifting negative below 1.0700.
4 Hour USDCAD Chart
Daily USDCAD Chart
THERE IS SUBSTANTIAL RISK OF LOSS IN TRADING FUTURES, OPTIONS AND FX PRODUCTS. INFORMATION PROVIDED WITHIN THIS MATERIAL SHOULD NOT BE CONSTRUED AS ADVICE
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